UK's Doctor Care Anywhere to dial in to ASX telehealth ranks

A closer look at the UK-based healthtech company set to undertake an initial public offering (IPO) on the ASX on 4 December.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

Motley Fool contributor Miles Wu has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Market News

a group of enthusiastic people dash out of open doors as though in a hurry to purchase something. The picture features the legs of some people, faces of others and people in the background trying to get through the crowd.
Opinions

Why I'm calling this ASX reporting season 'buying season'

Reporting season might come in like a wrecking ball... and that's fine by me.

Read more »

A man clenches his fists in excitement as gold coins fall from the sky.
Broker Notes

These ASX shares could rise 20% to 40%

Big returns could be on offer from these stocks according to analysts.

Read more »

A man in his office leans back in his chair with his hands behind his head looking out his window at the city, sitting back and relaxed, confident in his ASX share investments for the long term.
Share Market News

Good ASX news! Australia's 'one of the cleanest markets in the world'

Investors can sleep well at night knowing our market system has integrity.

Read more »

three businessmen high five each other outside an office building with graphic images of graphs and metrics superimposed on the shot.
Share Market News

5 Australian shares to buy and hold forever

Analysts think these buy-rated shares would be great options for investors.

Read more »

A man holds his head in his hands, despairing at the bad result he's reading on his computer.
Share Market News

Could Fortescue shares fall a further 14% from here?

Bell Potter is tipping the mining giant's shares to continue sinking.

Read more »

Happy work colleagues give each other a fist pump.
Share Market News

Here are the top 10 ASX 200 shares today

The ASX actually finished its week on a high note today.

Read more »

Two parents and two children happily eat pizza in their kitchen as a top broker predicts a 46% upside for the Domino's share price
Broker Notes

Buy one, sell the other: Goldman's take on these 2 ASX retail shares

Despite high interest rates and inflation, ASX retail shares have been on a strong run.

Read more »

Three guys in shirts and ties give the thumbs down.
Share Fallers

Why Bellevue Gold, Chrysos, Meteoric Resources, and Newmont shares are falling today

These shares are having a tough finish to the week. But why?

Read more »