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American Well Files For IPO As Pandemic Leads To Telehealth Demand Surge

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American Well Files For IPO As Pandemic Leads To Telehealth Demand Surge

American Well confidentially filed for an initial public offering with the United States Securities and Exchange Commission earlier this week, CNBC reported Thursday.

Morgan Stanley (NYSE: MS) and Goldman Sachs Group Inc. (NYSE: GS) are serving as the lead underwriters for the IPO, people familiar with the matter told CNBC.

The Boston-based telehealth company has seen a surge in demand following the coronavirus outbreak in the country, as people were advised to defer seeing doctors for conditions that are not immediately threatening to curb the spread of the deadly virus.

Amwell, as the company is better-known, last month announced it raised $194 million in a Series C funding round.

The company said at the time it was facilitating as many as 45,000 telehealth visits per day during the lockdown-period across the country, and the funding would be used to help scale its platform to meet the increased demand.

Amwell's IPO plans come at a time when rival Teladoc Health Inc.'s (NYSE: TDOC) has surged 87.5% year-till-date.

Image: American Well

 

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