Omada Health virtual health program.
Courtesy: Omada Health
Omada Health priced its IPO at $19 per share on Thursday, in the midst of the expected range.
The virtual chronic care company said in a press release that 7.9 million shares are being sold within the offering, amounting to $150 million.
Omada, founded in 2012, will trade on the Nasdaq under the ticker symbol “OMDA.” The corporate filed its initial prospectus in May and updated the document with an expected pricing range of $18 to $20 per share.Â
On the IPO price, Omada is value about $1.1 billion, though that number might be higher on a totally diluted basis. That is right around its private market valuation from 2022, when Omada announced a $192 million funding round that pushed its valuation above $1 billion.
U.S. Enterprise Partners, Andreessen Horowitz and Fidelity’s FMR LLC are the most important outside shareholders in the corporate, each owning between 9% and 10% of the stock.
Omada offers virtual care programs to support patients with chronic conditions like prediabetes, diabetes and hypertension. Sean Duffy, Omada’s CEO, co-founded the corporate with Andrew DiMichele and Adrian James, who’ve each moved on to other ventures.
It is the second digital health IPO in a matter of weeks following an prolonged drought for the industry. Digital physical therapy startup Hinge Health debuted on the Recent York Stock Exchange in May.
The tech IPO market has been showing signs of life, with Hinge being one in every of the newest offerings. On Thursday, shares of crypto company Circle Web soared 168% of their Recent York Stock Exchange debut. Fintech company eToro began trading last month, and Chime Financial, which offers online banking services, is about to hit the market next week.
Omada’s revenue increased 57% in its first quarter to $55 million from $35.1 million a 12 months earlier, in accordance with its prospectus. For 2024, revenue rose 38% to $169.8 million from $122.8 million the previous 12 months.
The corporate’s net loss narrowed to $9.4 million in the primary quarter from $19 million a 12 months ago.
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