Oscar Health Inc, a health insurance startup backed by Google parent Alphabet Inc, sold shares in its IPO on Tuesday at $39 apiece, above its target range, to raise $1.2 billion. The IPO gives New York-based Oscar Health a market value of $7.7 billion. The target price range on the offering of 31 million shares was raised earlier on Tuesday to $36-$38 per share, up from $32-$34.

In 2020, Oscar Health said its customers grew 75% year-on-year as the COVID-19 pandemic increased demand for healthcare delivery through online, mobile and at-home methods.

Oscar Health was founded in 2012 by its chief executive, Mario Schlosser, Kevin Nazemi and Joshua Kushner, the younger brother of Jared Kushner, the son-in-law of former U.S. President Donald Trump. In 2018, Alphabet took a nearly 10% stake in Oscar Health for $375 million.

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