Omada Well being goals to IPO with market cap of as much as $1.1 billion

Omada Health smart devices in use.

Courtesy: Omada Health

Omada Health plans to raise up to $158 million in its up coming IPO, attaining a market cap of about $1.1 billion at the top end of its expected range, according to a filing on Thursday.

The virtual chronic care company filed its prospectus earlier this month, and has just updated the filing with an expected pricing range of $18 to $20 per share. Omada said it plans to sell 7.9 million shares in the offering.

The size of the offering and share price could change, and the market cap could be higher on a fully diluted bases. The IPO is expected to take place next week.

Omada, which offers virtual care programs to support patients with chronic conditions like prediabetes, diabetes and hypertension, will be the second digital health company to hit the market in a matter of weeks after an extended drought. Digital physical therapy startup Hinge Health debuted on the New York Stock Exchange earlier this month.

Omada, based in San Francisco, describes its approach as a “between-visit care model” that is complementary to the broader health-care ecosystem, according to its prospectus.

Sean Duffy, Omada’s CEO, co-founded the company in 2012 with Andrew DiMichele and Adrian James, who have both moved on to other ventures.

Omada’s revenue increased 57% in its first quarter to $55 million from $35.1 million a year earlier, the filing said. For 2024, revenue rose 38% to $169.8 million from $122.8 million the previous year.

The company’s net loss narrowed to $9.4 million in the first quarter from $19 million a year ago.

“To our prospective shareholders, thank you for learning more about Omada,” Duffy said in the prospectus. I invite you to join our journey.”

The company will trade on the Nasdaq under the ticker symbol “OMDA.”

Morgan Stanley, Goldman Sachs and JPMorgan Chase are leading the offering. Omada’s top shareholders are U.S. Venture Partners, Andreessen Horowitz and Fidelity.

WATCH: Redpoint Ventures’ Scott Raney: The IPO market is cracking open but still a few years away from wave