Bright Health to offer 60 million shares in planned IPO, priced at $20 to $23 each

Bright Health Group set terms for its initial public offering on Tuesday with plans to offer 60 million shares priced at $20 to $23 each. The operator of healthcare clinics would raise $1.38 billion at the top of that price range, before deducting expenses. Based on an expected 624 million shares outstanding after the deal closes, the company has a valuation of more than $14 billion. The company has applied to list on the New York Stock Exchange under the ticker "BHG." There are nine banks underwriting the deal, led by JP Morgan and Goldman Sachs. Proceeds of the deal will bs used to repay debt and for working capital and other general corporate purposes, the company says in its IPO filing documents. "Bright Health was founded in 2015 to transform healthcare," the documents say. "Our mission of Making Healthcare Right. Together. is built upon the belief that by connecting and aligning the best local resources in healthcare delivery with the financing of care, we can drive a superior consumer experience, reduce systemic waste, lower costs, and optimize clinical outcomes."

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