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Doctors’ social network Doximity predicts IPO at $ 4 billion valuation

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Doximity, a social network for doctors, plans to raise nearly $ 536 million through an IPO.

In the middle of the proposed range, Doximity would have a fully diluted market value of $ 4.5 billion.

Doximity plans to sell 23.3 million shares at a price of between $ 20 and $ 23 per share, according to a deposit with the United States Securities and Exchange Commission last week. The offering consists of approximately 19 million Class A common shares offered by Doximity and approximately 4.3 million Class A common shares sold by existing investors.

Through a reserved share program, Doximity will reserve up to 15% of its shares for member physicians at the institutional investor rate.

It plans to list its shares on the New York Stock Exchange under the symbol DOCS.

Morgan Stanley, Goldman Sachs and JP Morgan are the main underwriters of the offer.

The San Francisco, California-based company was founded in 2010 and operates as a LinkedIn for physicians. It provides a digital platform for US healthcare professionals, including telehealth and planning tools. The society has over 1.8 million healthcare professional members as of March 31, 2021, which includes over 80% of physicians in all 50 states and across all medical specialties.

RELATED: Doximity Launches Telehealth App for Providers

Doximity had revenue of $ 116 million in 2019 and revenue increased 78% to reach $ 207 million in 2020. The company is profitable, making $ 30 million and $ 50 million net profit in 2019 and 2020, respectively.

For the years ended March 31, 2020 and 2021, Doximity generated Adjusted EBITDA of $ 27 million and $ 65 million. The company reported revenue of $ 207 million for the 12 months ended March 31, 2021, according to the S-1 file.

The company’s customers are primarily healthcare organizations, particularly pharmaceutical manufacturers, healthcare systems and medical recruiting firms, which purchase subscriptions for its marketing, recruiting and telehealth solutions. In fiscal 2021, Doximity had more than 600 subscribed customers, according to File S-1.

Doximity made over 63 million telehealth visits in fiscal 2021, as reported on the SEC filing. The company also reported the rapid adoption of its commercial telehealth solutions, with subscription agreements signed with more than 150 healthcare systems as of March 31, 2021.

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