Bright Health, the Bloomington-based insurance company that has raised $1.5 billion through private equity, could become Minnesota's next public company.

The insurer on Wednesday filed a registration statement with the Securities and Exchange Commission that was scant on the offering details. The number and percentage shares to be offered was not disclosed, nor was a proposed price per share disclosed. The proposed ticker symbol would be BHG.

Bright Health's equity financing since 2016 includes $500 million in September 2020 from big-name investors such as Tiger Global Management, T. Rowe Price Associates and Blackstone.

A group of former UnitedHealth Group managers formed Bright Health in 2015 to concentrate on the market through the Affordable Care Act for individual plans. It has since expanded its offerings, including Medicare Advantage plans.

The registration filing also did not disclose the amount the company wants to raise, but a clause said Bright Health could extend the date due on a credit agreement if the offering raised more than $1 billion.

A billion-dollar IPO would be the largest ever by a Minnesota company, eclipsing the $468 million raised by Jamf Holding Corp. in 2020 and the $630 million raised by Bloomington-based Ceridian HCM Holding in 2018 from its IPO, an overallotment and a concurrent private placement of stock.

Bright Health would use proceeds of the offering to repay those earlier credit agreements and for additional acquisitions. Earlier this month, it acquired local telehealth company, Zipnosis, and in January agreed to acquire Central Health Plan of California.

In 2020, Bright Health operated in 99 markets in 14 states, had more than $1.2 billion in revenue and a net loss of $264 million. It has 2,056 employees.

Its chief executive is Mike Mikan, a former UnitedHealth executive who also was interim CEO of Best Buy in 2012.

The IPO market has seen a resurgence in the last two years. There were 218 IPOs priced in 2020 and 148 IPOs that have priced this year, including Minnesota companies SkyWater Technology and Agiliti Inc. in April and Sun Country Airlines in March.

The first quarter of 2021 was the busiest quarter since 2000 for IPOs, led by health care and technology companies, according to Renaissance Capital, which is a global IPO investment adviser. So far in 2021, 148 IPOs have been priced, a 350% increase from this point in 2020. The proceeds raised from those offerings, $90.1 billion, have already exceeded the amount raised from IPOs in 2020.

Earlier this year, Bright Health competitor Oscar Health, a New York-based health insurance company, raised $1.4 billion in an upsized IPO offering.

Bright Health could take several more weeks or months before pricing its public offering; no time frame was offered in the registration statement.

Underwriters of Bright Health's offering include J.P. Morgan, Goldman Sachs & Co. LLC, Morgan Stanley and Barclays. Among the additional bookrunners are Citigroup and Piper Sandler.