GoHealth, a Chicago Medicare-focused health insurance marketplace, officially went public Wednesday morning, trading its stock on the Nasdaq under the symbol GOCO.
The tech company raised $914 million by offering 43.5 million shares at $21, above its target range of $18-$20, according to U.S. Securities and Exchange Commission filings.
At the IPO price, GoHealth has a diluted market cap of $6.7 billion.
GoHealth first announced its IPO plans in June after filing confidentially on May 8.
In the IPO filing, GoHealth reported 2019 net revenues of $540 million and saw a 139% growth in revenues from 2018 to 2019. For the fiscal year ending March 31, 2020, GoHealth reported $611 million in net revenue.
GoHealth, one of Inno’s 2019 50 on Fire winners, was founded in 2001 by former college roommates Brandon Cruz and Clint Jones, who both still lead the company as co-CEOs. The company connects consumers and businesses with health plans using its tech-based data science platform. Over the last four years, the company says it has shifted toward offering Medicare plans specifically.
GoHealth has helped enroll more than 5 million Americans in health insurance plans, and has partnered with major health insurance carriers, such as Cigna, Anthem and Humana.
GoHealth has raised more than $75 million in funding, according to Crunchbase. Its investors include Norwest Equity Partners and Nimble Ventures. And last year, private equity firm Centerbridge Partners made a “significant investment” in Chicago-based GoHealth, with reports saying the deal was worth about $1.5 billion.
In 2016, GoHealth acquired Vermont-based human resources platform Connected Benefits for undisclosed amount.
GoHealth is the latest Chicago tech company to go public. Last year, social media management startup Sprout Social raised $150 million in an initial public offering.
