(Bloomberg) -- Oscar Health Inc., the health insurance startup co-founded by Josh Kushner, is seeking as much as $1 billion in its U.S. initial public offering.
The New York-based company and its existing shareholders are offering 31 million class A shares at $32 to $34 apiece, according to a Monday filing with the U.S. Securities and Exchange Commission.
At the top end of that range, the Oscar Health would have a market capitalization of $6.7 billion, according to Bloomberg calculations.
Kushner, managing director of the venture firm Thrive Capital, is the brother of Jared Kushner, son-in-law and onetime senior adviser to former U.S. President Donald Trump.
Class A shares are entitled to one vote while Class B shares will have 20. Upon the listing, Kushner and Thrive Capital will control the majority of the voting power, the filing showed.
Google’s parent Alphabet Inc., Fidelity Management, Founders Fund, General Catalyst and Khosla Ventures are also among shareholders.
The company reported a $407 million net loss on $1.7 billion in revenue in 2020 compared to a $261 million net loss on $1 billion in revenue the year before due to increased insurance costs and interest expenses.
Oscar Health will be listed on the New York Stock Exchange under the symbol OSCR. Goldman Sachs Group Inc., Morgan Stanley, Allen & Co. and Wells Fargo & Co. are leading the offering.
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