Bright Health Group hopes to raise over $1.5 billion and be valued at over $14 billion after an initial public offering on the New York Stock Exchange it said Tuesday in an SEC filing.
In the public offering, Bright plans to sell 60 million shares of its common stock at between $20 and $23 a share. Underwriters also have the option to purchase an additional 7,200,000 shares, meaning Bright could raise as much as $1.55 billion in the public offering.
Based on Bright's total 624 million outstanding shares, the company could be valued at as much as $14.3 billion after the public offering, according to an updated prospectus.
Minneapolis-based Bright will use the money it raises to pay off its debts, which are worth about $200 million. It will use the rest of the cash to invest in the growth of the business.
Bright announced its IPO last month. The lead managers for the offering are JPMorgan Chase & Co., Morgan Stanley, Goldman Sachs & Co. and Barclays Plc.
It had revenues of over $1.2 billion in 2020, more than four times as much as in 2019. For the first three months of calendar year 2021, Bright posted revenue of $874.6 million.
The IPO market is hot in Minnesota right now. Bloomington-based chip manufacturer SkyWater Technology Inc. had a $112 million IPO in April while biotech firm Miromatrix announced in June that it would go public as well.
