Minneapolis-based insurtech Bright Health Group is officially going public after announcing it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission.

Bright Health Group has yet to determine the number of shares and price range for its IPO, but according to its registration form, it is seeking to raise up to $100 million. This figure is likely a placeholder, however, as the company is reportedly seeking to raise at least $1 billion in its IPO.

The company plans to list on the New York Stock Exchange under the symbol "BHG." J.P. Morgan, Goldman Sachs, Morgan Stanley, Barclays, BofA Securities, Citi and Piper Sandler are the joint bookrunners on the deal.

WHAT’S THE IMPACT?

Bright Health Group has two businesses: Bright Healthcare and NeueHealth.

The former is an insurtech platform that operates across 14 states and offers individual, family and Medicare Advantage plans. Bright Healthcare now serves approximately 623,000 consumers, including roughly 515,000 commercial consumers and about 108,000 Medicare Advantage consumers, according to the registration form.

The latter is the company’s latest venture, which helps connect providers and payers with technology to enable value-based care. As of April 2021, NeueHealth manages 28 risk-bearing primary care clinics that provide services for nearly 75,000 unique patients – 30,000 of which were served through value-based arrangements, according to the registration form.

In a summary of the company’s financials, Bright Health Group shared that it generated over $1.2 billion in revenue during 2020, as well as $874.6 million in the first quarter of 2021.

THE LARGER TREND

Bright Health is a historically well-funded startup. Last fall, it raised $500 million ahead of its expansion into new markets. Prior to that, it raised $635 million in 2019 and closed rounds worth $200 million, $160 million and $80 million in the three years prior.

Just last month, the company acquired telehealth startup Zipnosis with plans to deliver personalized care to patients and tailor it to individual needs.

Bright Health is following behind notable insurtech companies Clover Health and Oscar Health in going public.