New York-based medical insurance startup Oscar Well being introduced Monday it has submitted confidential paperwork for its preliminary public providing.
The corporate, an working subsidiary of Mulberry Well being Inc., mentioned the dimensions and value vary for the proposed providing haven’t but been decided. The IPO will start as soon as the SEC completes its income course of, topic to market and different circumstances, the corporate mentioned.
Oscar filed the draft registration assertion on Kind S-10 to the Securities and Alternate Fee underneath its mum or dad firm, Mulberry. SEC filings present Mulberry is backed by Thrive Capital, a well-funded funding agency co-founded by Joshua Kushner. He is the brother of Jared Kushner, President Trump’s son-in-law and adviser.
Startups like Oscar are allowed to file such statements confidentially underneath the Jumpstart Our Enterprise Startups Act, or JOBS Act, which was enacted in 2012.
The information comes lower than every week after Oscar introduced it had closed a $140 million funding spherical led by Tiger International Administration. Oscar mentioned the financing comes as the corporate continues to expertise progress, together with a 74% improve in direct coverage premiums over the previous three years.
“As we proceed to quickly scale our enterprise, this capital will assist us ship on our dedication to deliver accessible and inexpensive care to much more Oscar members throughout the nation,” Oscar CEO Mario Schlosser mentioned in a press release.
In 2021, Oscar mentioned its attain will lengthen to 18 states and 286 counties. The corporate gives particular person plans, household plans, Medicare Benefit and small group plans. As of Sept. 30, it had about 420,000 members throughout 15 states.
Oscar touts its digital engagement with members as one of many massive differentiators between itself and bigger well being insurers. The corporate expanded on that in a giant means over the summer time when it introduced that starting in 2021, a few of its particular person and household plan members will be capable of obtain all main care companies just about.