HealthCare Platform Doximity Prices Upsized IPO At $26/Share; Trading Begins Today

  • Doximity, Inc DOCS priced 23.3 million shares at $26 per share in its initial public offering, for estimated gross proceeds are $494.3 million.  
  • The healthcare platform previously marketed the IPO at the range of $20 - $23, Bloomberg reports.
  • The company has a $4.6 billion valuation. It has a diluted valuation of over $5.5 billion.
  • InterWest is selling about 4.3 million shares in the IPO. Doximity will not receive any proceeds from the selling stockholder.  
  • Doximity's shares are estimated to begin trading on the NYSE today under the ticker symbol "DOCS."  
  • The underwriters have a 30-day option to purchase additional shares up to 3.5 million shares.
  • Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, and J.P. Morgan Securities LLC are the joint lead book-running managers for the offering.
  • The platform includes video calling for telemedicine, secure messaging, and a directory of clinicians. Doximity also provides a news feed with medical stories.
  • Doximity's top shareholders are co-founder and CEO Jeff Tangney and Emergence Capital Partners, InterWest Partners, and Morgenthaler Venture Partners.
  • Doximity reported $50 million in net income on $207 million in revenue for FY21. The business had almost $30 million in net income on $116 million in revenue in FY20.
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