Healthcare startup One Medical priced its shares at $14 apiece on Thursday, at the bottom of its pricing range.
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The company raised $245 million by selling 17.5 million shares ahead of its debut on the Nasdaq, where it will trade under the ticker “ONEM.”
One Medical was aiming to raise a maximum of $322 million from its initial public offering, according to its updated S-1 filing with the U.S. Securities and Exchange Commission. It set a price range of between $14 and $16. J.P. Morgan and Morgan Stanley were the lead underwriters for the IPO.
One Medical raised $532.1 million in funding as a private company, according to Crunchbase, with investors including GV and Benchmark. It grew to include 397,000 members in nine markets across the United States at the end of the third quarter of 2019 and had about 6,000 enterprise clients.
One Medical has 77 offices–including employer on-site clinics–in Boston, New York, Chicago, Los Angeles, Phoenix, San Diego, Seattle, Washington, D.C., and the greater Bay Area.
As for its financials, the company reported revenue of nearly $198.9 million for the first nine months of 2019, with net losses of about $34.2 million during the same period. You can read more about One Medical’s financial situation here.
You know the drill. More tomorrow morning when One Medical starts trading.
Illustration Credit: Li-Anne Dias