Health insurance startup Bright Health is offering 60 million shares of its common stock in its initial public offering at an estimated price of $20 to $23 per share, the company announced June 15.
Four details:
1. Bright Health intends to use the proceeds of the IPO to repay all outstanding borrowers under its credit agreement and the remaining funds for working capital and other general corporate purposes.
2. Bright Health will list on the New York Stock Exchange under BHG.
3. As part of the IPO, Bright Health plans to give the underwriters a 30-day option to buy an additional 7.2 million shares of common stock at the initial IPO price.
4. Bright Health has two market facing businesses: NeueHealth, which provides virtual and in-person clinical care though its 61 affiliated primary care clinics and Bright HealthCare, which offers Medicare and commercial health plan products through its tech-driven model to more than 600,000 consumers.