Amwell prices IPO at $560M
As it prepares to go public, telehealth company Amwell priced its stock late Tuesday. The company will offer 35 million shares of its class A common stock priced between $14 and $16 share, for a total of $490 million to $560 million.
The Boston-based company plans to be listed on the New York Stock Exchange under the ticker “AMWL.”
Last year, it reported $148.86 million in revenue, up 30.6% from 2018. It reported a net loss of $88.4 million, compared to a $52.3 million net loss in 2018.
Amwell is one of several telehealth companies that are currently looking to go public as interest in digital health has surged since the beginning of the Covid-19 pandemic. Competitor MDLive has said it plans to go public, and drug price comparison tool GoodRx — which also owns a telehealth business — recently filed its IPO paperwork.
It also seems like Amwell is thinking more about telehealth as a broader platform, as indicated by a partnership it recently struck with Google. The tech company will buy $100 million of the Amwell’s class C common stock, and Amwell will use Google for its cloud services. They also plan to collaborate on technologies, such as a translation feature for telehealth appointments or automating patient intake forms.
Morgan Stanley, Goldman Sachs & Co. LLC and Piper Sandler will act as lead joint book-running managers for the proposed offering.
Original Article: (https://medcitynews.com/2020/09/amwell-prices-ipo-at-560m/)