Clover Health, the global leader in medical device, pharmaceutical, and biotechnology products, has announced the public offering of its stock on the Nasdaq Stock Market, raising a record $1.5 billion (RM7.9 billion) in the process.

The company said the offering has a target price range of $20-35 per share and a market cap of more than RM3.7 billion.

The stock is expected to close on the market on the same day as the Nasco IPO on the New York Stock Exchange (NYSE).

Clover Health has raised more than $300 million from investors and private equity firms in the past year, and is currently ranked #3 on Forbes’ list of the world’s largest private companies.

The company is currently focused on developing its clinical trial platform to accelerate clinical trials for cancer, HIV, diabetes, and asthma.

Clover Healthcare’s management team also comprises of former Pfizer CEO Richard Gere and ex-Google CEO Sundar Pichai.