Extra Crunch Tuesday: Oscar Health raises its IPO price as Coupang releases a bullish debut valuation

Welcome to Extra Crunch Tuesday

Insurtech unicorn Oscar Health announced this morning that it plans to price shares in its IPO between $26 and $38, a hike from the $32-34 range we reported last week.

South Korean e-commerce company Coupang plans to debut with a price range of $27 to $30 per share. Alex Wilhelm covers both IPOs in this morning’s column, noting that the valuation news “bodes well for other impending offerings, including a host of SPAC-led flotations.”

Given the run of tech companies that have gone public in recent months with soaring valuations, I asked him if he thought we were in a bubble.

“The IPO market is frothy, no one would deny that. But for the best signs of a bubble building, or possibly popping, check out the SPAC market,” he replied.

“Some companies being taken public by blank-check companies are fine. But some SPACs are floating garbage instead of viable entities with enough operating history to warrant public dollars.”

According to Alex, these dodgy SPACs reveal the outline of a market bubble.

“And when those pieces of public-market flotsam and jetsam start to appear on the beach, we may have something of a drowning canary that the bubble itself is starting to degrade.”

Thanks very much for reading Extra Crunch! Have a great week.

Walter Thompson
Senior Editor, TechCrunch
@yourprotagonist

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Kaltura files to go public on the back of accelerating revenue growth, rising losses

Video platform Kaltura was admitted to The Exchange’s $100M ARR Club in January 2020.

While noting the company’s high gross margins and 25% year-over-year growth, Alex inquired: “How about an S-1?”

Yesterday, he got the response he was looking for: Kaltura filed an S-1 that noted three years of accelerating revenue expansion.

“Public investors, hungry for growth, may find such a progression compelling,” says Alex.

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TC Early Stage: the premier how-to event for startup entrepreneurs and investors

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Use discount code ECNEWSLETTER to take 20% off the cost of your ticket!

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Corporate sustainability initiatives may open doors for carbon offset startups

Deloitte employees travel so often, the company is offsetting its carbon footprint by purchasing sustainable aviation fuel from Delta Air Lines.

The partners claim the deal will offset 1,000 metric tons of CO2 emissions, but climate editor Jon Shieber says it also signals a new trend that will benefit startups working to promote sustainability.

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As Coinbase looks to list, Robinhood rides the crypto boom

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Justworks' Series B pitch deck may be the most wonderfully simple deck I've ever seen

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