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.