Photographer: Kholood Eid / Bloomberg
Photographer: Kholood Eid / Bloomberg
Oscar Health Inc., the medical founder of Josh Kushner, who started health insurance, made an initial public offering.
The New York company that filed Friday indicated the size of the offer as $ 100 million, a placeholder that will change.
Oscar was founded in 2012 and previously focused on selling insurance plans under the Affordable Care Act, also known as Obamacare. The company now has 529,000 members and serves 291 provinces in 18 states, according to the filing.
The company is named after Kushner’s great-grandfather, an immigrant named Oscar on Ellis Island, according to a letter in the documentation from Kushner and co-founder Mario Schlosser.
“When it came time to start our business, we wanted to let our members know that we are not a faceless health insurer and whose logo is on a card in their wallet,” they said. “We wanted to communicate that we could help them navigate the healthcare landscape like a doctor in the family would do. So we chose a real name. ‘
It is said to be the first health insurance company to offer telemedicine 24 hours a day at no extra cost.
According to the submission, the company lost $ 407 million in revenue to $ 1.67 billion in 2020. That compares with a loss of $ 261 million on revenue of $ 1.04 billion a year earlier.
Oscar had a valuation of $ 3.2 billion in 2018, Bloomberg News reported earlier. The company’s plans follow the success of the public market of Lemonade Inc., another New York-based business insurer.
Kushner, managing director of Thrive Capital, is the brother of Jared Kushner, son-in-law and one-time senior adviser to former US President Donald Trump.
Goldman Sachs Group Inc., Morgan Stanley and Allen & Co. leads the listing.
Oscar plans to call his shares on the New York Stock Exchange under the symbol OSCR.