Benzinga | Jun 24, 2021 07:44AM EDT

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

* Doximity, Inc (NYSE: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.