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.