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Google-backed Amwell unveiled Thursday

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Listed on Thursday, Google-backed telemedicine company American Well Corp could raise $ 560 million.

According to a regulatory request, American Well (or Amwell) offers 35 million shares for $ 14 to $ 16 each.

The Boston company provides a digital platform that connects doctors and patients. Amwell said clients have received more than 5.6 million remote medical treatments since its launch. More than half, or 2.9 million, have occurred in the last six months. It will be released after one of its biggest rivals, Teladoc Healthc (ticker: TDOC), agreed to a $ 18.5 billion merger with Livongo Health (LVGO) in August.

Brothers Roy and Id Schoenberg founded Amwell in 2006. The brothers are co-Chief Executive Officers of Amwell. (Id is Amwell’s chairman and Roy is president.) Each of them will have 25.5% of the total voting rights after the IPO, the regulator’s application said.

Amwells’ customers include 150 healthcare systems such as New York Presbyterian and Northwell Health, 55 healthcare plans such as Anthem (ANTM), and several Blue Cross Blue Shield affiliates. Companies such as Oracle (ORCL), Campbell Soup Co (CPB), and Wellpath also use Amwell to provide remote medical services, the company’s website says.

The Covid-19 pandemic is boosting Amwell and the demand for remote access to providers is increasing. According to regulators’ application, April visits to Amwell surged from 2,900 visits per day during the same period in 2019 to 40,000 per day.

Amwell is not profitable. The company’s losses expanded to $ 86.7 million in the quarter ended June 30 with revenue of $ 68.6 million. This is compared to a loss of $ 19.6 million with revenue of $ 39.6 million over the same period in 2019. Amwell, however, has no debt but expects to continue to generate losses in the future.

The company will trade on the New York Stock Exchange at AMWL on Thursday. Contractual underwriters include Morgan Stanley (MS), Goldman Sachs Group (GS) and Piper Sandler.

In August, Google’s Alphabet unit (GOOGL) agreed to invest $ 100 million in Amwell through a private placement. The contract requires that some of Amwell’s video features be migrated to the Google Cloud Platform.

The company also chose Google as its global cloud platform partner for remote medical visits, S-1 filings said. Google will hold 3.03% of Amwell’s common stock after the IPO.

Contact Luisa Beltran at [email protected]

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