One Medical IPO prices at $14 per share.
The health care services firm, which is not yet profitable, raised $245 million in gross proceeds through JP Morgan and Morgan Stanley.Carlyle Group
The San Francisco-based direct primary care provider operates membership-based medical offices in nine major markets including San Francisco, New York and Chicago which aim to make health more affordable and accessible, with same-day appointments and round-the-clock digital support through telehealth consults.
One Medical reported revenue growth of 29% in the first nine months of last year to nearly $200 million in its IPO regulatory filing. The company derives revenues from membership fees, billing insurers for services and through network partnerships with health systems. "One Medical is attempting to disrupt a fairly large primary care market with a multi-pronged strategy," wrote MKM partners analyst Ronit Kulkarni, in a note to clients last week, adding "however, we haven't seen signs of sustainable unit economics based on acquisition, retention, and engagement of key stakeholders, including employers, consumers, and physicians."
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