Photographer: Kholood Eid / Bloomberg
Photographer: Kholood Eid / Bloomberg
Oscar Health Inc., the health insurance startup co-founded by Josh Kushner, has filed for an IPO.
The New York-based company listed the size of the offering as $ 100 million in an application Friday, a placeholder that will change.
Established in 2012, Oscar previously focused on selling insurance plans under the Affordable Care Act, also known as Obamacare. According to the filing, the company now has 529,000 members and serves 291 counties in 18 states.
The company is named after Kushner’s great-grandfather, an immigrant named Oscar on Ellis Island, according to a letter in the application from Kushner and co-founder Mario Schlosser.
“When it came time to start our business, we wanted to let our members know that we were not an anonymous health insurance company with a logo on a card in their wallets,” they said. “We wanted to communicate that we could help them navigate the healthcare landscape like a doctor in the family would. So we chose a real name. “
It said it is the first health insurance company to offer 24-hour telemedicine at no additional cost.
According to the filing, the company lost $ 407 million on sales of $ 1.67 billion in 2020, compared to a loss of $ 261 million on sales of $ 1.04 billion a year earlier.
Oscar had a valuation of $ 3.2 billion in a 2018 funding round, Bloomberg News previously reported. The company’s plans follow the success of Lemonade Inc., another New York-based venture-backed insurer.
Kushner, CEO of Thrive Capital venture firm, is the brother of Jared Kushner, son-in-law and former senior adviser to former US President Donald Trump.
Goldman Sachs Group Inc., Morgan Stanley and Allen & Co. lead the listing.
Oscar is planning list are shares on the New York Stock Exchange under the symbol OSCR.