Josh Kushner’s Oscar Health Falls After $1.4 Billion IPO (1)

Oscar Health Inc., the health insurance startup co-founded by Josh Kushner, fell 11% its trading debut after raising $1.4 billion in its upsized, above-target initial public offering.

The company’s shares, which sold for $39 in the IPO, opened their first day of trading Wednesday at $36 and closed it at $34.80, giving the company a market value of about $7 billion.

Oscar Health and a selling shareholder sold 37 million shares on Tuesday. It had marketed 31 million shares for $36 to $38 a share, a range that it had elevated from $32 to $34.

Kushner, managing director ...