Chronic care management company Omada Health will begin trading on the Nasdaq Global Market under the ticker symbol OMDA on June 6 at a public offering price of $19 per share, in the middle of its expected range. 

The company will raise $150 million in its initial public offering. 

Omada will offer 7.9 million shares of its common stock and will grant the underwriters a 30-day option to buy up to 1.185 million additional shares at the initial public price. 

The offering is expected to close on June 9. 

THE LARGER TREND

Omada Health filed an S-1 with the U.S. Securities and Exchange Commission (SEC) earlier this month, making it the second digital health company to seek an IPO this year.

At the end of last month, the company announced that it was seeking a valuation of about $1.1 billion through its initial public offering.

Omada Health initially focused on prediabetes management but has since expanded its services to include management for diabetes, cardiometabolic health, hypertension and musculoskeletal conditions. 

The San Francisco-based company offers a virtual care program to help patients manage their health conditions through personalized data-driven behavior change coaching. The platform aims to help users track their exercise, diet, blood glucose and other metrics. Patients can also access virtual care for support. 

Digital health company Hinge Health went public last month on the NYSE under the symbol HNGE, raising around $437.3 million with its initial public offering, which sold 9.14 million shares. 

It began trading on the NYSE, opening at $39.25, up 23% from its IPO price of $32, and closing at $37.56 per share.