Oscar Health gearing up to go public

A photo of a billboard for Oscar Health
Oscar Health took its first steps toward a potential IPO. (Oscar Health)

Oscar Health has taken the first step toward potentially going public in 2021.

The startup health insurer filed a draft registration statement on Form S-1 with the Securities and Exchange Commission (SEC). A potential initial public offering will undergo an SEC review.

"The size and price range for the proposed offering have not yet been determined," Oscar said in a statement. "The initial public offering is expected to commence after the completion of the SEC review process, subject to market and other conditions."

The news comes on the heels of a $140 million funding round announced last week, which stirred speculation among financial experts that an IPO could be on the horizon.

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Oscar's individual and family plans as well as small group and Medicare Advantage coverage will be available across 18 states and 286 counties next year. About 420,000 members were enrolled in its plans as of Sept. 30.

For the 2021 plan year, Oscar unveiled plans to expand for the fourth straight year. The insurer also joined forces with Cigna to launch co-branded health plans that target small businesses.