Doctor Care Anywhere (ASX:DOC) share price rockets 37% higher after its IPO

The Doctor Care Anywhere (ASX:DOC) share price is rocketing higher on Friday after completing its IPO. Here's what you need to know…

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The Doctor Care Anywhere Group PLC (ASX: DOC) share price has landed on the ASX boards and is shooting higher.

At one stage today the UK-based telehealth company's shares were up 37.5% to $1.10.

The Doctor Care Anywhere share price has since given back some of these gains but is still up 21% from its listing price of 80 cents.

What is Doctor Care Anywhere?

Doctor Care Anywhere is a growing telehealth company aiming to deliver high-quality, effective, and efficient care to its patients, whilst reducing the overall cost of providing clinical services.

This morning the company's shares landed on the Australian share market after completing an initial public offering (IPO) which raised $102 million at 80 cents per share.

Management has advised that the majority of the funds raised in the IPO will be used to execute the company's growth strategy.

This strategy is focused on its investment in marketing and engagement capabilities, new services to drive growth in existing markets, and building international business development capabilities to pursue growth in new markets.

"An important milestone."

The company's founder and CEO, Dr Bayju Thakar, believes today is an important milestone.

He commented: "Whilst today marks an important milestone in Doctor Care Anywhere's journey, we believe it is only the beginning as we look to become a leader in digital health, not just in the UK but globally, by delivering a joined-up and simple patient journey."

"The capital we've raised via the IPO will allow us to better serve our current patients with a broader range of services and to execute on our clear and ambitious growth plans," he added.

Dr Thakar concluded: "We've been humbled by the conversations we've had with investors as we've gone through this process, and been delighted to find so many that have a shared passion for wanting to improve and change how healthcare is accessed and delivered for patients."

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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