- Telehealth company, Amwell has priced its upsized IPO of ~41.2M shares of Class A common stock at $18.00/share for total gross proceeds of ~$742M.
- Initially, Amwell had planned to sell 35M shares at $14-16.
- Underwriters' over-allotment is an additional ~6.2M shares, from Amwell and certain stockholders of the company.
- Trading kicks off September 17. Closing date is September 21.
- Utilization of Amwell's platform to deliver care during the COVID-19 crisis increased dramatically, accounting for 77% of the 2.2M total visits performed during three months ended June 30, 2020, versus 50% of the over 700K visits for the three months ended March 31, 2020.
- In August, Amwell partnered with Google to deliver transformative telehealth solutions. The tech company will invest $100M into Amwell, and the company will use Google for its cloud services.
According to a 2020 market research report by MarketsAndMarkets, the global market for telehealth software and services is expected to reach $55.6B by 2025, up from a forecast $25.4B in 2020.This represents a strong CAGR of 16.9% from 2020 to 2025.
- Previously: Amwell files for IPO with $100M investment from Google (Aug. 25)
Google-backed Amwell prices upsized IPO above range at $18
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| Symbol | Last Price | % Chg |
|---|---|---|
| AMWL | - | - |
| American Well Corporation | ||