The UK-based healthtech company Doctor Care Anywhere lodged a prospectus on 30 October to undertake an initial public offering (IPO) in the Australian capital market on 4 December.
The company aims to raise $102 million with an issue price of $0.80 per share. This is upsized from the company's original plans to raise $75 million.
Doctor Care Anywhere advises that the majority of the funds raised by the IPO will be used to support investments in marketing and engagement functions, investment in new products and building international business development capabilities.
What is Doctor Care Anywhere?
Doctor Care Anywhere is a London-based telehealth company founded by Doctor Bayu Thakar, a qualified medical doctor and a McKinsey alumnus.
The company's business model is to recruit its own clinicians to provide patients with virtual GP consultations in the form of video or phone consultations with GPs who are directly employed by Doctor Care Anywhere. It also provides diagnostic referrals and specialist reviews across the key clinical specialties.
The company 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 digital health market
The global telehealth market was estimated to be $7.30 billion in 2019 and is forecast to reach $20.50 billion in 2024, growing at a compound annual growth rate of 23.10%.
Doctor Care Anywhere currently focuses on the UK private healthcare market but advises it is looking to accelerate its business expansion to capture this growing telehealth market.
According to its prospectus, Doctor Care Anywhere has chosen to list in Australia because it is a developed market with investors who understand healthtech and are keen to invest in digital healthcare.
Doctor Care Anywhere chair Jonathan Baines said:
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.
