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UK telemedicine firm announces Australian IPO

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Doctor Care Anywhere (DOC), a UK-based provider of digital health services, is to carry out an IPO in Australia. It will offer new shares at an offer price of A$0.80 per share to raise approximately A$102.0 million.

The majority of funds raised in the IPO will be used to support the company’s growth strategy, which is focused on investment in marketing and engagement capabilities; investment in 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. DOC will have a market capitalisation of approximately A$254.8m on listing.

DOC has selected Australia for its IPO because it is a market with investors who have good healthtech knowledge and are keen to invest in digital healthcare, and this fits well with DOC’s plans for international growth.

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 CEO, 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.”

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