Bloomington-based health insurance company Bright Health will start trading on the New York Stock Exchange on Thursday, raising nearly $924 million in the largest ever IPO by a Minnesota company.
The initial public offering was downsized in price and shares from projections in its latest filing with the Securities and Exchange Commission.
The company ended up selling 51.35 million shares at $18 per share. The company was expecting to sell 67.2 million shares in the range of $20 to $23 per share that could have raised close to $1.5 billion.
Underwriters for Bright Health have a 30-day option to sell an additional 6.2 million shares, which could increase the total amount raised from the offering to over $1 billion.
The $924 million raised eclipses recent IPOs from Jamf Holding Inc., which raised $468 million in 2020, and Ceridian HCM Holding Inc., which in 2018 raised $531 million from its IPO and $630 million when overallotments and a concurrent private placement were added.
Bright Health will trade under the ticker symbol BHG.
Bright Health completed its offering in a busy week and busy year for IPOs that have been dominated by healthcare and technology companies. Seven companies completed IPOs earlier this week including Eden Prairie-based life sciences company Miromatrix Medical, which also priced its offering late Wednesday.
Miromatrix slightly upsized its offering, pricing its shares at $9 and selling 4.8 million shares, slightly more than was stated in their last filing with the SEC. Miromatrix will trade on Nasdaq under the symbol MIRO.
Miromatrix is developing bioengineered fully transplantable human organs that could provide better outcomes for patients and help alleviate the shortage of human donated organs. They’ll use proceeds of the offering to fund further research and development and for potential clinical trials.