(Reuters) – Oscar Health, a parent – backed health insurance startup Google Alphabet Inc, applied for an initial public offering on Friday, looking to invest in the rising demand for digital health services at a time the COVID-19 pandemic.
The New York-based company, which has approximately 529,000 users, enables physician visits to be recorded, laboratory results to be analyzed, critical meetings to be held and orders to be replenished through mobile app or its online platform.
Oscar Health was founded in 2012 by Mario Schlosser, Kevin Nazemi, who is no longer part of the company, and Josh Kushner, the brother of former U.S. President Donald Trump’s adviser and Jared Kushner’s son-in-law.
The COVID-19 pandemic has overtaken the telemedicine market and more companies are looking to expand their scale and offerings as healthcare moves to the real field.
The launch of the Oscar Health stock market comes as U.S. capital markets are poised for another flagship year, with an IPO slowdown in January approaching $ 33.9 billion, according to Refinitiv data.
The start-up of digital insurance said it would list its Class A common stock on the New York stock exchange under the “OSCR” symbol. (bit.ly/39U4MdA)
The company’s other investors include venture capital firm General Catalyst Group, parent Fidelity Investments FMR LLC, Peter Thiel Foundation Fund, investment firm Thrive Capital and Khosla Ventures.
The Goldman Sachs & Co. LLC, Morgan Stanley and Allen & Company LLC are the main subscribers to the offer.
Reporting by Noor Zainab Hussain in Bengaluru; Edited by Ramakrishnan M.