Digital health services provider Doctor Care Anywhere is undertaking an initial public offering on the Australian Stock Exchange, offering new shares at A$0.80 per share to raise approximately A$102 million (£55.5 million).
Doctor Care Anywhere said it will use most of the funds raised to follow its growth strategy, which is focused on marketing and engagement capabilities; new services to drive growth in existing markets, including mental health and virtual specialist services; and building international business development capabilities to pursue growth in new markets. The company will have a market capitalisation of approximately A$254.8 million on listing.
Jonathan Baines, chairman of Doctor Care Anywhere, said: “DOC has grown rapidly since its inception in 2014, providing services to more than 1,500 corporate and SME clients through its major channel relationships. The impact of Covid-19 on all our lives has demonstrated the vital role that technology can and must play in the future of healthcare. We see DOC at the forefront of this revolution and we have a clear and ambitious growth strategy that aims to create real value for investors in the rapidly growing digital health market”.
Dr Bayju Thakar, founder and chief executive of Doctor Care Anywhere, added: “The business was set up because we are determined to improve healthcare systems for patients everywhere. Our ability to bring together experienced clinicians and a proprietary digital platform is a unique and highly scalable proposition, and will meet growing demand worldwide. We are therefore thrilled to be launching in Australia, and believe that this is an important next step in our company’s story as we continue to focus on innovation in order to strengthen our service offering for patients.”
Date published: November 2, 2020