Health insurance provider Oscar confidentially filed for an initial public offering, the company said Monday.
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Filing as Mulberry Health, the New York-based company, co-founded by Josh Kushner and led by Mario Schlosser, said it had submitted a draft registration for an IPO to the U.S. Securities and Exchange Commission, but did not disclose the size nor price range for the proposed offering.
Oscar’s most recent valuation was $3.2 billion, Bloomberg News reported.
The news comes on the heels of a Dec. 17 announcement that the company raised $140 million in a round of funding led by Tiger Global Management. That round follows a July announcement of $225 million in funding to give Oscar approximately $1.6 billion raised in total since its inception in 2012.
The company offers individual and family plans, Medicare Advantage and small group products. As of Sept. 30, Oscar had approximately 420,000 members across 15 states. The funding comes as Oscar saw growth of 74 percent in direct policy premiums over the past three years. In 2021, Oscar says its policies will be available in 18 states.
The Oscar IPO follows that of fellow venture-backed insurtech company Lemonade, which began trading in July on the New York Stock Exchange.
Illustration: Dom Guzman
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