Omada Health, Inc. (OMDA Proposed) launched its $150.1 million IPO with the disclosure of terms – 7.9 million shares at a price range of $18.00 to $20.00 – in an S-1/A filing early today – Thursday, May 30, 2025. The IPO is expected to price next week. (Please see our IPO Calendar.) This is a NASDAQ listing. With Omada Health’s launch today, the IPO Calendar shows two large IPOs expected to price next week – a sign that the IPO market is regaining a healthy stride. (Please see our IPO Calendar and click on the company’s name to call up the IPO Profile, which includes a link to the prospectus.)
If Omada Health’s IPO is priced at the $19.00 mid-point of its range, the San Francisco-based company would go public with a market cap of about $1.06 billion.
Morgan Stanley, Goldman Sachs and J.P. Morgan are the lead joint book-runners. Barclays and Evercore ISI are also joint book-runners.
Omada Health, founded in 2011, provides “virtual-first healthcare” to over 2,000 customers, including health plans, health systems and employers ranging in size from small businesses to Fortune 500 companies, according to the prospectus. The scope of Omada Health’s care extends to more than 1 million individuals whose healthcare is provided by their health plan, their employer or their health system, the prospectus said. The company is incorporated in Delaware.
“Omada care teams implement clinically validated behavior change protocols for individuals living with diabetes, hypertension, prediabetes and musculoskeletal issues,” the prospectus said. “With more than a decade of experience and data, and 29 peer-reviewed publications that showcase its clinical and economic results, Omada is designed to help improve health outcomes and contain healthcare costs.”
Omada Health is not profitable, according to the financial statements in the prospectus. For the year that ended Dec. 31, 2024, Omada Health reported a net loss of $47.1 million on revenues of $169.8 million.
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