Alphabet backed San Francisco's membership-based primary health care startup OneMedical has recently filed the paperwork for an Initial Public Offering (IPO) with the US Securities and Exchange Commission. So far, the OneMedical has not disclosed much; apparently, the capital will help the startup to improve its technology and also the expansion of its business.
As per the sources, the startup has also applied for trade under its common stock on the Nasdaq Global Select Market. It is aiming to raise $100 million with listing ticker as ONEM with listed lead underwriters such as J.P. Morgan and Morgan Stanley.
The founder of OneMedical Tom X. Lee founded the startup in 2007. Lee has left the startup in 2017 and handover the responsibilities to former UnitedHealth group executive Amir Dan Rubin who is now President & CEO of OneMedical.
Currently, OneMedical has 72 health clinics operating in nine major markets in the US and expected to open in three more markets in the San Francisco Bay Area in 2020, according to SEC filing. The startup has raised more than $500 as venture capital from its most prominent investors.
The Carlyle Group holds more than 25% shares of the company, and the Alphabet's GV holds 5.9%. On the other hand, Google is one of the clients of OneMedical that sends its employees to their clinics and accounts for almost 10% of the company's revenue.
According to the filling of 2018, OneMedical has recorded the annual revenue of $212.7 million with a net loss of $45.5 million. Likewise, the first 9 months of 2019 has set a mark of $198.9 million and lost $34.2 million.
Presently, the startup was valued at almost $1.5 billion in its recent private equity funding round held in the second quarter of 2018, according to PitchBook.
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