Doximity, a professional network for physicians with telehealth and scheduling tools, announced terms for its IPO on Tuesday.
The San Francisco, CA-based company plans to raise $501 million by offering 23.3 million shares (18% insider) at a price range of $20 to $23. At the midpoint of the proposed range, Doximity would command a fully diluted market value of $4.5 billion.
Doximity is an online platform for physicians that allows them to collaborate with colleagues, securely coordinate patient care, conduct virtual patients visits, read the latest medical news and research, and manage their careers. The company claims that it is the leading digital platform for US medical professionals, with over 1.8 million members as of March 31, 2021, representing more than 80% of physicians across the country.
Doximity was founded in 2010 and booked $207 million in sales for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol DOCS. Morgan Stanley, Goldman Sachs, J.P. Morgan, Piper Sandler, William Blair, Canaccord Genuity, Needham & Co., Raymond James, and SVB Leerink are the joint bookrunners on the deal. It is expected to price during the week of June 21, 2021.
