Telehealth provider AmWell said on Tuesday it expects to raise about $560 million in its initial public offering in the United States, as the coronavirus pandemic boosts demand for virtual healthcare offerings.
The company set a price target of between $14 and $16 per share for its sale of 35 million shares.
Amwell said it has applied to list its shares on the New York Stock Exchange under the ticker symbol “AMWL.”
Shelter-in-place restrictions to control the pandemic have prompted people to turn to virtual consultation and treatment offerings, benefiting companies like Teladoc Health Inc (TDOC.N), which last month struck an $18.5 billion deal for chronic care provider Livongo Health Inc (LVGO.O).
Morgan Stanley, Goldman Sachs & Co and Piper Sandler are among underwriters for the proposed offering.