Omada Health priced its IPO at $19 per share on Thursday, in the middle of the expected range.

The virtual chronic care company said in a press release that 7.9 million shares are being sold in the offering, amounting to $150 million.

Omada, founded in 2012, will trade on the Nasdaq under the ticker symbol “OMDA.” The company filed its initial prospectus in May and updated the document with an expected pricing range of $18 to $20 per share. 

At the IPO price, Omada is worth about $1.1 billion, though that number could be higher on a fully diluted basis. That’s right around its private market valuation from 2022, when Omada announced a $192 million funding round that pushed its valuation above $1 billion.

U.S. Venture Partners, Andreessen Horowitz and Fidelity’s FMR LLC are the largest outside shareholders in the company, each owning between 9% and 10% of the stock.

Omada offers virtual care programs to support patients with chronic conditions like prediabetes, diabetes and hypertension. Sean Duffy, Omada’s CEO, co-founded the company with Andrew DiMichele and Adrian James, who have both moved on to other ventures.

It’s the second digital health IPO in a matter of weeks following an extended drought for the industry. Digital physical therapy startup Hinge Health debuted on the New York Stock Exchange in May.

The tech IPO market has been showing signs of life, with Hinge being one of the latest offerings. On Thursday, shares of crypto company Circle Internet soared 168% in their New York Stock Exchange debut. Fintech company eToro started trading last month, and Chime Financial, which offers online banking services, is set to hit the market next week.

Omada’s revenue increased 57% in its first quarter to $55 million from $35.1 million a year earlier, according to its prospectus. For 2024, revenue rose 38% to $169.8 million from $122.8 million the previous year.

The company’s net loss narrowed to $9.4 million in the first quarter from $19 million a year ago.

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Broadcom reported second-quarter earnings on Thursday that beat Wall Street expectations, and the chipmaker provided robust guidance for the current period.

Here’s how the chipmaker did versus LSEG consensus estimates:

• Earnings per share: $1.58 adjusted versus $1.56 expected
• Revenue: $15 billion versus $14.99 billion expected

Broadcom said it expects about $15.8 billion in third-quarter revenue, versus $15.70 billion expected by Wall Street analysts. Revenue in the latest quarter rose 20% on an annual basis.

The company said net income increased to $4.97 billion, or $1.03 per share, from $2.12 billion, or 44 cents per share, in the year-ago period. The company instituted a 10-for-1 stock split a year ago.

Broadcom shares are up 12% this year after more than doubling last year on investor optimism for the company’s custom chips for artificial intelligence. In March, Broadcom CEO Hock Tan said it was developing AI chips with three large cloud customers.

Broadcom said that it had $4.4 billion in AI revenue during the quarter, attributing the sales to its networking parts that connect complicated server clusters.

Tan said in a statement that Broadcom expects $5.1 billion in AI chip sales in the third quarter, adding that the company’s “hyperscale partners continue to invest.”

Hyperscalers are companies that build out large cloud systems to rent out to their own customers. They include Amazon, Google and Microsoft.

Those sales are reported in the company’s semiconductor solutions business, which had $8.4 billion in revenue during the quarter, a 17% increase from last year, and above $8.34 billion analyst estimate, according to StreetAccount.

The company’s software business, which includes VMware, grew 25% year-over-year to $6.6 billion in sales, beating the StreetAccount estimate.

On a down day for the market, Microsoft reached a record high for the first time in 11 months.

Shares of the software giant rose 0.8% to close at $467.68. Microsoft has once again reclaimed the title of world’s largest company by market cap, with a valuation of $3.48 trillion. Nvidia has a market cap of $3.42 trillion, and Apple is valued at $3 trillion.

Microsoft last recorded a record close in July 2024. The stock is now up 11% for the year, while the Nasdaq is flat.

Tech stocks broadly dropped on Thursday, led by a plunge in Tesla, as CEO Elon Musk and President Donald Trump escalated their public beef. Musk, who was leading the Trump Administration’s Department of Government Efficiency (DOGE) until last week, has slammed the Trump-backed spending bill making its way through Congress, a spat that has turned personal.

But Microsoft investors appear to be tuning out that noise.

Microsoft CEO Satya Nadella focused on his company’s tight relationship with artificial intelligence startup OpenAI in an interview with Bloomberg, some portions of which were published on Thursday.

“Why would any one of us want to go upset that?” he told Bloomberg. Nadella told analysts in January that OpenAI had made a large new commitment with Microsoft’s Azure cloud. In total, Microsoft has invested nearly $14 billion in OpenAI.

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