1Life, the owner of US-based primary care provider One Medical, filed for a $100m initial public offering on Friday that will offer an exit for internet and technology group Alphabet.
One Medical is a subscription-based platform that provides primary care to a customer base of nearly 400,000 members, offering same-day appointments with physicians located in convenient urban offices in addition to telemedicine and prescription renewals.
The company increased revenue 28% year on year to almost $199m in the first nine months of 2019, though its net loss expanded by roughly the same amount to $34.1m over the same period.
The IPO comes in the wake of about $400m in equity funding including $220m from private equity firm Carlyle Group that was supplied in August 2018 alongside $130m in secondary investment, giving it a 26.8% stake in the company.
Investment bank JP Morgan led a $65m round for 1Life in 2015 through its JP Morgan Asset Management unit, and holds 5.4% of the company’s shares. Healthcare investment firm Redmile Group led a $40m round the year before, investing with undisclosed existing backers.
Alphabet invested through its GV unit in as part of a $30m series F round in 2013 and owns a 5.9% stake. The round included Benchmark Capital (which currently owns a 13% share), Oak Investment Partners (11.4%), DAG Ventures (7.6%) and Maverick Fund (5.2%).
Other notable investors in the company include Thomas H. Lee, who holds a 7.7% stake. JP Morgan and Morgan Stanley are lead bookrunning managers for the offering, which is slated to take place on the Nasdaq Global Select Market.
Allen & Company, Citigroup, Piper Jaffray, Wells Fargo Securities and William Blair have been appointed bookrunning managers for the IPO while Baird and Suntrust Robinson Humphrey are co-managers.
