Bright Health made $924 million in its initial public offering late last week, setting a new high for insurers going public.
Competitors Oscar Health, Clover Health and Alignment Health all went public earlier this year.
The IPO pricing values Bright Health at $11.23 billion, according to a report from Reuters. The startup insurer initially priced its IPO at $18 per share, so its early haul does fall short of that figure.
As of about 2:45 p.m. Monday, Bright Health's stocks were trading at $17.28 per share, just under the previous close price of $17.25.
Bright Health is currently trading under the ticker "BHG" on the New York Stock Exchange. The IPO was expected to close Monday.
In its prospectus, filed Friday with the Securities and Exchange Commission, Bright Health boasted $1.2 billion in revenue for 2020 as well as about 623,000 members across its commercial and Medicare Advantage plans.
Bright Health offers coverage in 99 markets across 14 states.
The startup said in the filing that it plans to use the proceeds from its IPO to pay off debts and invest the rest into "working capital and other general corporate purposes, including continued investments in the growth of our business."
"Pending the use of the proceeds from this offering, we intend to invest the proceeds in a variety of capital preservation investments, including short-term, investment-grade and interest-bearing instruments," according to the filing.