Definitive Healthcare, which provides a healthcare intelligence platform for go-to-market sales strategies, raised the proposed deal size for its upcoming IPO on Monday.
The Framingham, MA-based company now plans to raise $389 million by offering 15.6 million shares at a price range of $24 to $26. The company had previously filed to offer the same number of shares at a range of $21 to $24. New investors BlackRock and Capital World intend to purchase $80 million worth of shares in the offering (21% of the deal). At the midpoint of the revised range, Definitive Healthcare will raise 11% more in proceeds than previously anticipated.
Definitive Healthcare states that it is a leading provider of healthcare commercial intelligence, offering a platform leveraged by functional groups including sales, marketing, clinical research and product development, strategy, talent acquisition, and physician network management. The company served over 2,600 customers as of June 30, 2021, which include biopharmaceutical and medical device companies, Healthcare Information Technology companies, healthcare providers, and other diversified companies seeking commercial success in the healthcare ecosystem.
Definitive Healthcare was founded in 2011 and booked $140 million in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol DH. Goldman Sachs, J.P. Morgan, Morgan Stanley, Barclays, Credit Suisse, and Deutsche Bank are the joint bookrunners on the deal. It is expected to price during the week of September 13, 2021.
