Inspire Veterinary Partners, which operates 13 veterinary hospitals across the US, filed on Monday with the SEC to raise up to $28 million in an initial public offering.
The Virginia Beach, VA-based company plans to raise $28 million by offering 5.6 million shares (82% secondary) at a price range of $4 to $6. At the midpoint of the proposed range, Inspire Veterinary Partners would command a market value of $50 million.
If the company has a market cap of less than $50 million at pricing, Inspire Veterinary Partners will be excluded from Renaissance Capital's 2023 IPO stats.
Inspire Veterinary owns and operates a network of 13 veterinary hospitals across nine states in the US. The company specializes in small animal general practice hospitals, with an emphasis on cats and dogs, though it has started offering additional services as it has expanded, including mixed animal facilities, critical care, and other specialty services.
Inspire Veterinary Partners was founded in 2020 and booked $10 million in revenue for the 12 months ended December 31, 2022. It plans to list on the Nasdaq under the symbol IVP. Spartan Capital Securities is the sole bookrunner on the deal.
