Bright Health Offers 51.35 Million Shares In Downsized Ipo Priced At $18 Each, Below Price Range

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Bright Health Group said its downsized initial public offering priced at $18 a share, below its proposed price range of $20 to $23. The company sold 51.35 million shares to raise about $924.3 million, compared with its original plan to offer 60 million shares. The shares will start trading later Thursday on the New York Stock Exchange under the ticker "BHG." Based on an expected 624 million shares outstanding after the deal closes, the company has a valuation of more than $11 billion. There were nine banks underwriting the deal, led by JP Morgan and Goldman Sachs.

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