09 Dec 2020
UK-based Doctor Care Anywhere (DOC) raised $102 million after selling its CHESS Depositary Interests – a share equivalent generally used when the company is domiciled in another country – for 80¢ each.
Doctor Care Anywhere securities leapt out of the gates, opening at $1.10 before easing to end the session at 93¢, a 16.3 per cent advance from the company's 80¢ offer price.
The company offers a digital platform that supports healthcare customers "across the patient journey". Services also include phone- and video-delivered medical consultations.
The world's second-largest health insurer, France's AXA, is expected to account for 80 per cent of Doctor Care Anywhere's estimated £10.9 million ($19.8 million) in revenue in calendar 2020.
Doctor Care Anywhere and AXA are also joint venture partners, with the arrangement adding to Doctor Care Anywhere revenues through rebates on referred diagnostics.
The majority of funds raised will be used to invest into new services, such as its mental health service due to be launched in the UK in 2021.
This will be delivered by GPs to treat complex mental and physical conditions both digitally and in-person.
‘The capital we’ve raised with this IPO will allow us to better serve our current patients with a more extensive range of services, and accelerate our growth plans to make digital health another valuable UK export that patients around the world can benefit from,’ said Dr Bayju Thakar, Founder and CEO of Doctor Care Anywhere.
The digital health provider has been accelerating its efforts in international expansion over the past few months.
After its IPO completion, Doctor Care Anywhere will have a market capitalisation of A$254.8m following settlement.
Over the last 12 months, the company has seen more than a 390% rise in monthly consultations (video or phone), and covers 2 million customers in the UK through its partnerships with AXA Health, HCA Healthcare and Nuffield.
In October, Doctor Care Anywhere expanded its services into the Republic of Ireland after signing an agreement to provide digital health services to one of the UK’s big four retail banks.