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CLOVER HEALTH INVESTMENTS, CORP.

(CLOV)
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Tiger Global-backed Bright Health falls in debut, valued at $10.6 bln

06/24/2021 | 12:18pm EDT

June 24 (Reuters) - Bright Health Group's shares fell more than 5% in their New York Stock Exchange debut on Thursday, valuing the Tiger Global and Blackstone Group Inc backed health insurance startup at $10.6 billion.

The company's stock opened at $17, compared with the initial public offering price of $18 per share. Bright Health had priced 51.3 million shares below its targeted price range of $20 to $23, raising $924.3 million.

Bright Health's listing comes as more people seek remote healthcare due to the COVID-19 pandemic, supercharging the telemedicine market and prompting the companies to expand their scale.

Health insurance startup Oscar Health, backed by Google parent Alphabet Inc, was valued at over $7 billion in its market debut in March, while Clover Health last year agreed to go public through a merger with a blank-check firm backed by venture capitalist Chamath Palihapitiya.

Minneapolis-based Bright Health runs two businesses, NeueHealth and Bright HealthCare, through which it offers virtual and in-person clinical care to patients through affiliated primary care clinics. It also sells Medicare and commercial health insurance across 14 states in the United States.

Bright Health, co-founded in 2015 by UnitedHealth Group Inc's former chief executive officer Bob Sheehy, generated over $1.2 billion in revenue in 2020, underscoring a boom in the healthcare technology sector.

The company's net losses nearly doubled to $248 million in 2020 from $125 million a year earlier, and it has been reporting losses since it was founded.

Bright Health raised $500 million in a late-stage funding round in September last year from investors such as Tiger Global Management, T. Rowe Price Associates and Blackstone, bringing the total equity raised to more than $1.5 billion.

J.P. Morgan, Goldman Sachs, Morgan Stanley and Barclays were the lead underwriters for the offering. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shinjini Ganguli)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -0.77% 2694.53 Delayed Quote.54.94%
BARCLAYS PLC -0.98% 174.5 Delayed Quote.18.97%
CLOVER HEALTH INVESTMENTS, CORP. -1.82% 8.07 Delayed Quote.-51.88%
MORGAN STANLEY -0.31% 95.98 Delayed Quote.40.49%
OSCAR HEALTH, INC. -2.92% 16.93 Delayed Quote.0.00%
THE BLACKSTONE GROUP INC. -0.63% 115.27 Delayed Quote.77.86%
THE GOLDMAN SACHS GROUP, INC. -0.71% 374.88 Delayed Quote.42.16%
UNITEDHEALTH GROUP 0.03% 412.22 Delayed Quote.17.55%
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Financials (USD)
Sales 2021 811 M - -
Net income 2021 -192 M - -
Net cash 2021 203 M - -
P/E ratio 2021 -15,7x
Yield 2021 -
Capitalization 3 293 M 3 293 M -
EV / Sales 2021 3,81x
EV / Sales 2022 2,97x
Nbr of Employees 458
Free-Float 27,4%
Chart CLOVER HEALTH INVESTMENTS, CORP.
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Clover Health Investments, Corp. Technical Analysis Chart | CLOV | US18914F1030 | MarketScreener
Technical analysis trends CLOVER HEALTH INVESTMENTS, CORP.
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Income Statement Evolution
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Mean consensus UNDERPERFORM
Number of Analysts 3
Last Close Price 8,07 $
Average target price 9,33 $
Spread / Average Target 15,7%
EPS Revisions
Managers and Directors
Vivek Garipalli Chief Executive Officer & Director
Andrew Toy President, Director & Chief Technology Officer
Joseph Wagner Chief Financial Officer
Sophia Chang Chief Clinical Informatics Officer
Kumar Dharmarajan Chief Scientific Officer
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