Doximity Announces Pricing of Initial Public Offering

Rhea-AI Summary

Doximity, Inc. has priced its initial public offering (IPO) of 23.3 million shares of Class A common stock at $26.00 per share. The total gross proceeds to Doximity from the offering are projected to be approximately $494.3 million, excluding underwriting discounts and expenses. The offering includes 19 million shares sold by Doximity and 4.3 million shares from an existing stockholder. Trading under the ticker symbol 'DOCS' is set to begin on June 24, 2021, with the offering closing on June 28, 2021, pending customary conditions.

Positive

• Doximity aims to raise approximately $494.3 million to support its growth initiatives.
• The IPO includes a 30-day option for underwriters to purchase an additional 3.5 million shares, potentially increasing funds.

Negative

• Existing stockholder sales may lead to dilution of shares for current investors.

SAN FRANCISCO, June 23, 2021 /PRNewswire/ -- Doximity, Inc. ("Doximity") (NYSE: DOCS) today announced the pricing of its initial public offering of 23,300,000 shares of its Class A common stock at a price to the public of $26.00 per share. The offering consists of 19,010,750 shares of Class A common stock being sold by Doximity and 4,289,250 shares of Class A common stock being sold by an existing stockholder.  The gross proceeds from the offering to Doximity are expected to be approximately $494.3 million, before deducting underwriting discounts and commissions and other offering expenses payable by Doximity.  Doximity will not receive any proceeds from the sale of shares by the selling stockholder.  Doximity's Class A common stock is expected to begin trading on the New York Stock Exchange on June 24, 2021 under the ticker symbol "DOCS."  The offering is expected to close on June 28, 2021, subject to the satisfaction of customary closing conditions. In addition, Doximity has granted the underwriters a 30-day option to purchase up to an additional 3,495,000 shares of Class A common stock at the initial public offering price, less underwriting discounts and commissions.

Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, and J.P. Morgan Securities LLC are acting as joint lead book-running managers for the offering. Piper Sandler & Co. and William Blair & Company, L.L.C. are acting as joint book-running managers for the offering. Canaccord Genuity LLC, Needham & Company, LLC, Raymond James & Associates, Inc. and SVB Leerink LLC are acting as co-managers for the offering.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on June 23, 2021. The offering is made only by means of a prospectus. Copies of the preliminary prospectus relating to the offering may be obtained from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014 or by email at prospectus@morganstanley.com; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526 or by email at prospectus-ny@ny.email.gs.com; and J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (866) 803-9204 or by email at prospectus-eq_fi@jpmorganchase.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Doximity

Founded in 2010, Doximity is the leading digital platform for U.S. medical professionals. The company's network members include over 80% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay up to date with the latest medical news and research, manage their careers and conduct virtual patient visits. Doximity's mission is to help doctors be more productive so they can provide better health care for their patients.

For investors:
Perry Gold
ir@doximity.com

For media:
Jim Rivas
pr@doximity.com

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SOURCE Doximity

FAQ

What is the pricing of Doximity's IPO?

Doximity's IPO is priced at $26.00 per share.

When will Doximity begin trading on the NYSE?

Doximity's shares are expected to begin trading on the NYSE on June 24, 2021.

What are the total gross proceeds expected from Doximity's IPO?

The total gross proceeds from Doximity's IPO are expected to be approximately $494.3 million.

How many shares is Doximity offering in the IPO?

Doximity is offering a total of 23.3 million shares in its initial public offering.

What is the ticker symbol for Doximity?

Doximity will trade under the ticker symbol 'DOCS' on the NYSE.