Amwell upsized the price of its initial public offering for Sept. 17 in its debut on the New York Stock Exchange.
Four things to know:
1. Amwell priced 41.2 million shares of its Class A common stock at $18 per share. The total proceeds of the IPO are expected to hit $742 million before deducting underwriting discounts and commissions and offering expenses.
2. The price is up from the $14 to $16 per share expectations in Amwell's statement to the U.S. Securities and Exchange Commission filed Sept. 8, which would have priced the IPO between $490 million and $560 million.
3. The public offering is expected to close Sept. 21, and the underwriters have a 30-day option to purchase around 6 million additional shares of Class A common stock at the initial IPO price, less underwriting discounts and commissions.
4. Morgan Stanley, Goldman Sachs & Co. and Piper Sandler are the lead joint book-running managers for the offering.
5. Amwell announced its IPO Aug. 24 in conjunction with a Google Cloud partnership. Google invested $100 million in the company to help scale telehealth for providers, insurers and patients.
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