Goodwin Procter LLP advised the underwriters on the deal, while Simpson Thacher represented Bright Health Group.
Bright Health Group announced the pricing of its initial public offering of 51,350,000 shares of its common stock at a price to the public of $18.00 per share. As part of the offering, Bright Health Group has granted the underwriters a 30-day option to purchase up to an additional 6,162,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions. The gross proceeds to Bright Health Group from the offering will be approximately $924.3 million (or $1.035 billion if the underwriters exercise their option to purchase additional shares of common stock in full), before deducting the underwriting discount and estimated offering expenses.
The shares are expected to begin trading on the New York Stock Exchange on June 24, 2021, under the ticker symbol “BHG.” The offering is expected to close on June 28, 2021, subject to customary closing conditions.
J.P. Morgan, Goldman Sachs & Co. LLC, Morgan Stanley and Barclays are acting as lead book-running managers for the offering. BofA Securities, Citigroup and Piper Sandler are acting as additional bookrunners. Nomura and RBC Capital Markets are acting as co-managers for the offering.
Bright Health Group is built upon the belief that by aligning the best local resources in healthcare delivery with the financing of care, we can drive a superior consumer experience, optimize clinical outcomes, reduce systemic waste and lower costs. We are a healthcare company that is building a national, integrated system of care, in close partnership with our Care Partners.
The Goodwin team was led by Brad Weber (Picture), Gregg Katz, and Kim de Glossop, and included Kim Larie and Katerina Stavrianidis.
The Simpson Thacher team included Bill Brentani, Hui Lin, Jessica Asrat, Ben Carson and Danielle Bembry (Capital Markets); James Rapp and Kelli Schultz (Public Company Advisory Practice); Tristan Brown and Alyssa Ohanian (Executive Compensation and Employee Benefits); Genevieve Dorment (IP); Mark B. Skerry and Laurel E. Fresquez (Regulatory); Vanessa K. Burrows (Healthcare); Jonathan Cantor and Abigail Hopper (Tax); Michael Isby (Environmental); and Steven R. DeLott (Insurance).
Involved fees earner: Kim de Glossop – Goodwin Procter; Gregg Katz – Goodwin Procter; Kimberly Larie – Goodwin Procter; Katerina Stavrianidis – Goodwin Procter; Bradley Weber – Goodwin Procter; Jessica Asrat – Simpson Thacher & Bartlett; Danielle Bembry – Simpson Thacher & Bartlett; William Brentani – Simpson Thacher & Bartlett; Tristan Brown – Simpson Thacher & Bartlett; Vanessa Burrows – Simpson Thacher & Bartlett; Jonathan Cantor – Simpson Thacher & Bartlett; Ben Carson – Simpson Thacher & Bartlett; Steven DeLott – Simpson Thacher & Bartlett; Genevieve Dorment – Simpson Thacher & Bartlett; Laurel Fresquez – Simpson Thacher & Bartlett; Abigail Hopper – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Hui Lin – Simpson Thacher & Bartlett; Alyssa Ohanian – Simpson Thacher & Bartlett; James Rapp – Simpson Thacher & Bartlett; Kelli Schultz – Simpson Thacher & Bartlett; Mark Skerry – Simpson Thacher & Bartlett;