The Insurtech Brilliant Well being firm is heading to the New York Inventory Trade with an preliminary public providing of $ 60 million in inventory. Primarily based on the corporate’s submitting with the SEC, the preliminary share value is predicted to be within the vary of $ 20 to $ 23 per share.
The Minneapolis-based firm is focusing on a valuation of about $ 14 billion within the new providing, Reuter experiences.
This information comes lower than a 12 months later Good well being closed a whopping Sequence E funding spherical of $ 500 million, which raised its funding to greater than $ 1.5 billion.
The corporate began as a consumer-focused medical insurance and expertise enterprise. By partnering with a single healthcare system inside a market, Brilliant Well being says sufferers acquire higher entry to reasonably priced care, whereas suppliers are given the instruments to optimize their apply.
BECAUSE IT IS IMPORTANT
Brilliant Well being now joins a number of different insurtech healthcare firms within the public market. For instance, Oscar Well being, which additionally serves the patron market, introduced its IPO in December. Moreover, competitor Clover Well being went public by a SPAC merger in October.
Whereas insurtech firms are rising into the general public market, lots of the main US payer organizations, together with United Healthcare Group, Anthem, and Cigna, are publicly traded firms.
It’s clear that Brilliant Well being has its eyes on growth for the longer term, and going public may also help obtain this objective. Within the SEC submitting, it boasted greater than $ 1.2 billion in income in 2020 in 99 markets and 14 states.
THE BIGGEST TREND
Based in 2016, Brilliant Well being has been an investor favourite. Along with its most up-to-date elevate of $ 500 million, it raised $ 635 million in 2019 and closed rounds value $ 200 million, $ 160 million and $ 80 million within the earlier three years.
The corporate mentioned it plans to make use of the newest funding to develop into small enterprise plans.
In April, Brilliant Well being purchased telehealth startup Zipnosis for an undisclosed sum.