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Report: Alphabet-backed One Medical hires financial advisers for IPO

One Medical Group Inc., a primary care startup backed by Alphabet Inc., has hired multiple financial firms including JPMorgan Chase & Co. and Morgan Stanley to prepare for an IPO, according to a CNBC report.

The company is expected to file its prospectus in the first quarter of 2020, according to the report. One Medical, JPMorgan and Morgan Stanley declined CNBC's requests for comment. One Medical did not return S&P Global Market Intelligence's request for comment as of the time of publication.

One Medical is focused on changing how primary care services are delivered. Customers pay annual membership fees and then One Medical charges insurance companies for services. The San Francisco-based company has 72 medical offices in nine U.S. cities.

Carlyle Group LP in August 2018 invested $350 million in 1Life Healthcare Inc., a healthcare technology and management services company affiliated with One Medical. One Medical said in a statement at the time that the investment would be used to double its offices and members over the next few years. Past investors include Google Ventures LP, Maverick Capital Ltd. and Benchmark, according to the statement.

The company was valued at $1.5 billion in 2018, according to CNBC.