Bright Health Group Inc. has filed with the SEC to go public, it announced Wednesday.
The Minneapolis-based health insurance company intends to offer its stock on the New York Stock Exchange under the ticker "BHG," it said.
The lead managers for the offering are JPMorgan Chase & Co., Morgan Stanley, Goldman Sachs & Co. and Barclays Plc. Nomura Holdings and RBC Capital Markets are serving as co-managers.
Bright Health didn't announce the size of the offering or the timing, but a Bloomberg report from earlier this year suggested it could come as early as May or June. At that time, the offering was said to give Bright a valuation of at least $10 billion and could give it a valuation as high as $20 billion.
Bright has raised over $1.5 billion in venture capital since it was founded in 2015, including a $500 million round in 2020. It provides health insurance over 600,000 Americans in 14 states. It also has a care-delivery business, NeueHealth, which operates 61 primary care clinics.
Last month, Bright acquired Minneapolis-based telehealth company Zipnosis Inc. for $51.4 million, according to Bright's prospectus.
The company's size has accelerated over the past year. Revenue in 2020 topped $1.2 billion, more than four times as much as in 2019, according to a securities filing. For the first three months of calendar year 2021, Bright posted revenue of $ 874.6 million.
Net losses also increased, to $248 million in 2020 from $125 million.
The past 12 months have seen successful public offerings from other Minnesota tech companies, including the $468 million IPO of Minneapolis-based Apple software company Jamf Holding Corp. last summer. Bloomington-based chip manufacturer SkyWater Technology Inc. had a $112 million IPO in April.
