Bright Health to seek $1.5 billion in IPO

Bright Health to seek $1.5 billion in IPO

New Enterprise Associates and affiliated funds currently own 37.7 percent of the company. Bessemer Venture Partners and affiliated funds own 13.9 percent. Both New Enterprise and Bessemer are based in Silicon Valley. Baltimore-based Greenspring Associates and affiliated funds own 7.5 percent of Bright Health. The new filing details Bright’s Health largest shareholders. Approximately 59 percent of the company is owned by three venture capital funds. Bright Health CEO G. Mike Mikan owns 1.8 percent of the company. Bright Health co-founder and original CEO Bob Sheehy owns 3.7 percent.

Its filings show that Bright Health posted revenue of $1.2 billion in 2020 with a net loss of $248.4 million. A report in Insider said that Bright Health would be valued at $13.4 billion based on the midpoint of estimated share price range: $21.50 per share.

Bright Health initially filed that it planned to go public on May 19. Bright Health plans to issue 60 million shares of stock priced at $20 to $23 per share. Underwriters will have options to purchase an additional 7.2 million shares within 30 days of the offering. To raise $1.55 billion, the IPO shares would have to be priced at $23 per share and underwriters would have to fully exercise their options to buy additional shares.

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