After filing confidentially for an initial public offering (IPO) in December, the health insurance startup Oscar has now publicly released its S-1 filing, giving a peek into its business and financials.

Venture-backed to the tune of $1.6 billion, Oscar Health has made a name for itself as a major provider of health insurance process with a primarily digital process. The company reports having 529,000 customers buying health insurance plans on its platform, enough to generate $462.8 million in revenue for the company in 2020, down a bit from $488.2 million in the previous year, 2019.

Oscar Health isn’t profitable and has never posted annual profits since its inception, according to the company’s S-1 filing. It posted a net loss of $406 million on $462.8 million in revenue in 2020 and a net loss of $261 million on $488 million in revenue in 2019.

Oscar Health is seeking to go public after over 8 years of existence as a private company. It’s a relatively fast timeline from its inception to a route towards the public markets, as Oscar is expected to become one of the landmark tech IPOs to hold in 2021.

Oscar Health was founded by a team including its current CEO Mario Schlosser and Joshua Kushner, an entrepreneur-cum-venture capitalist who’s the brother of Jared Kushner, the son-in-law and former Senior Advisor to US President Donald Trump.

Over the years, Oscar Health has raised funding from some of the biggest names in the tech world, including Khosla Ventures, Coatue, Founders Fund, Tiger Global, Baillie Gifford, General Catalyst, and Dragoneer Investment Group. These investors would now be looking forward to an exit as Oscar is set to hit the public markets.

Oscar intends to list its shares on the New York Stock Exchange (NYSE) under the ticker symbol “OSCR”. A cohort of investment banks led by Goldman Sachs, Morgan Stanley, and Allen & Company are underwriting the company’s IPO.

Photo: Oscar Health Co-Founder and Chairman Joshua Kushner, credit: Hubert Burda Media is licensed under CC BY-NC-SA 2.0

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