Bright Health Group shares
BHG,
-7.11%
fell 5% in their trading debut Thursday, after the company's downsized initial public offering priced at $18 a share, below its proposed price range of $20 to $23. The company sold 51.35 million shares to raise about $924.3 million, compared with its original plan to offer 60 million shares. The shares will start trading later Thursday on the New York Stock Exchange under the ticker "BHG." Based on an expected 624 million shares outstanding after the deal closes, the company has a valuation of more than $11 billion. There were nine banks underwriting the deal, led by JP Morgan and Goldman Sachs. Proceeds of the deal will bs used to repay debt and for working capital and other general corporate purposes, the company says in its IPO filing documents. "Bright Health was founded in 2015 to transform healthcare," the documents say. "Our mission of Making Healthcare Right. Together. is built upon the belief that by connecting and aligning the best local resources in healthcare delivery with the financing of care, we can drive a superior consumer experience, reduce systemic waste, lower costs, and optimize clinical outcomes."