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Taking advantage of a pickup in demand for new stocks, American Well Corp. expanded its initial public offering Wednesday, locking in a price that valued the Boston telehealth technology company at $4.1 billion.

The company, also known as Amwell, said it raised $742 million by selling 41.2 million class A shares at $18 apiece, after increasing the price and number of shares offered. Amwell had planned to sell 35 million shares at $14 to $16 a share, according to a filing last week with the Securities and Exchange Commission.

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