Primary Care Chain One Medical Plans to IPO
One Medical is part of Silicon Valley's attempt to bring healthcare into the information age. Valued at $1.5 billion in its last funding round, the healthcare conglomerate seeks access to the public markets to fund its expansion plans. Under the name 1Life Healthcare, the company filed its S-1 on Friday, so investors can get an early peek at the business. It plans to trade on the Nasdaq under the ticker "ONEM" and hopes to raise at least $100 million from the offering.
Founded by Tom X. Lee in 2007, the San Francisco-based healthcare provider has offices in its home city, New York, Boston, Los Angeles, San Diego, Chicago, Phoenix, Seattle, and Washington D.C. with plans to expand to Portland, Atlanta, and Orange County, Calif. Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) is an early investor in the company as well as a client, accounting for about 10% of One Medical's revenues.
Image Source: Getty Images
Source Fool.com
