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March 3, 2021, 12:24 p.m. EST

Oscar Health stock stumbles out of the gate

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By Tomi Kilgore

Shares of Oscar Health Inc. /zigman2/quotes/225116571/composite OSCR -2.56% didn't pick a great day to go public, as the stock opened 7.7% above the initial public offering price despite better-than-expected pre-open investor demand. The digital health-insurance company offered 37 million shares in the upsized IPO, which priced at $39 each, above the recently raised expected range of between $36 and $38 a share. The pricing valued the company at about $7.69 billion. The stock's first trade was at $36.00 at 12:15 p.m. Eastern for 2.5 million shares. The stock has since pared some losses to trade down 6.7% at $36.17, while trading in a range of $35.00 to $36.77. Oscar Health went public on a day that the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -1.65% was shedding 3.3% while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.20% fell 0.4%.

/zigman2/quotes/225116571/composite
US : U.S.: NYSE
$ 24.36
-0.64 -2.56%
Volume: 496,543
June 15, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$5.18 billion
Rev. per Employee
$257,112
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 63.04
-1.06 -1.65%
Volume: 194,421
June 15, 2021 4:10p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,246.59
-8.56 -0.20%
Volume: 1.83B
June 15, 2021 5:14p
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