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Diabetes startup Omada Health finally went public after 14 years. Here's who made bank.
- Omada Health, a chronic care company, just went public on the Nasdaq at a $1.1 billion valuation after 14 years of its founding.
- Its shares rose by over 38% above the initial price, indicating a successful public market debut.
- The IPO marked the second digital health IPO of the year, following Hinge Health's IPO in May.
- Omada Health saw its stock price open at $23 per share and jump to as high as $28.40 on the first trading day.
- The company initially gained recognition for its virtual care for prediabetes and diabetes management.
- Omada's business has expanded to include weight care, attracting clients interested in metabolic health management.
- Major investors like Revelation Partners, US Venture Partners, Andreessen Horowitz, Fidelity, Cigna Ventures, aMoon Fund, and Norwest Venture Partners saw significant returns post-IPO.
- CEO Sean Duffy's stake in the company is worth around $46 million, while president Wei-Li Shao's stake is valued at approximately $13 million.
- Omada's CFO, board members, and other executives also saw substantial gains from the IPO, with stakes ranging from $5.3 million to $380,000.
- The public debut marked a notable milestone for Omada Health and its stakeholders, showcasing the company's growth and investor confidence.
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