Physician social network Doximity plans to go public with IPO of 23.3 million shares and other digital health IPOs

Doximity, a social networking platform for healthcare providers, has shared the terms for its upcoming initial public offering of 23,300,000 shares of its Class A common stock.

The offering consists of about 19 million shares offered by Doximity and 4.3 million shares to be sold by an existing stockholder, of which the company will not profit. An additional 3.5 million shares from Doximity will be made available to the underwriters for a 30-day purchasing period.

Doximity expects the IPO price to be between $20 and $23 per share. It will trade on the New York Stock Exchange under the symbol “DOCS.”

All told, the company hopes to raise nearly $536 million through its IPO and is seeking a valuation of about $4 billion.

Morgan Stanley, Goldman Sachs and J.P. Morgan are the lead book-running managers for the IPO. The offering will be made only by means of a prospectus, which can be obtained from the lead book-running managers.

The company is best known for its online directory of medical professionals, but it recently added new telehealth capabilities to its app. Doximity filed its registration statement for the IPO last month.

Consumer genomics company 23andMe began publicly trading today after successfully completing its merger with special purpose acquisition company VG Acquisition Corp.

The company, which is trading under the ticker symbol “ME,” raised approximately $592 million in gross proceeds from the business combination, which will be used to fuel company growth.

“23andMe was founded to revolutionize healthcare by empowering people with direct access to their DNA,” Anne Wojcicki, CEO and cofounder of 23andMe, said in a statement. “Over 11 million people have joined 23andMe and are part of the community that is using genetics to transform how we diagnose, treat and prevent human disease.

“As we enter the next phase as a public company, we have the opportunity to expand our impact by bringing personalized healthcare directly to everyone.”

Since its debut this morning and after trading for about an hour and a half, 23andMe stock has risen by 2.09% and is trading at more than $11 per share.

When 23andMe first announced its IPO in February, the company was valued at approximately $3.5 billion.

Convey Health Solutions, a technology solutions provider for Medicare and Medicaid health plans, hit the New York Stock Exchange this week after announcing 13.3 million shares of stock priced at $14 per share.

About 11.7 million shares come from Convey Health with the remaining 1.6 million coming from a selling stockholder. Convey Health will not receive any proceeds from the selling stockholder’s shares.

The company has been trading under the symbol “CNVY” for about a day and plans to close the offering on Friday. Since it began trading yesterday, the stock has fallen and as of this morning is priced at $12.61.

The proceeds from its IPO will be used to repay amounts outstanding under its existing indebtedness and for general corporate purposes. BofA, Goldman Sachs and JPMorgan are acting as lead book-runners.

 


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