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One Medical appoints banks to work on IPO: CNBC
Posted on Wednesday, 09 October 2019 11:01
One Medical, a US-based health clinic, is planning an initial public offering (IPO) in the first quarter of 2020 and has already hired lenders to underwrite the deal, people close to the situation told CNBC.
The insiders observed that the flotation, being run by JPMorgan and Morgan Stanley, could potentially be officially filed with the US Securities and Exchange Commission sooner than expected.
One Medical was valued at USD 1.50 billion in a USD 350.00 million funding round led by the Carlyle Group last year.
Founded in 2007, the company is a chain of around 70 clinics that brings a modern feel to the typical doctor’s office by offering a mobile application with online scheduling, virtual consultants and same-day appointments.
As well as its general practice operations, the group, also backed by Google’s owner Alphabet, has tapped the mental health and pediatrics segments.
Chief executive Amir Rubin recently told CNBC that One Medical has seen tremendous growth in other areas of its business, including partnerships with self-insured employers for on-site and nearby clinics.
The San Francisco-based firm charges USD 199.00 per year for use of the digital application and other services.
According to Zephyr, the M&A database published by Bureau van Dijk, two other US-based health care and social assistance providers have signed off IPOs in 2019 to date.
These two deals involve fertility treatment services group Progyny and DNA sequencing services firm 10X Genomics, both of which set a placeholder of USD 100.00 million in their respective prospectuses and are yet to officially price their stock market flotations.
Globally, Zephyr shows a total of 15 IPOs have been announced by companies in the sector, the largest being Metro Pacific Hospital Holdings, which agreed to list on the Philippines Stock Exchange to raise PHP 75.10 billion (USD 1.45 billion).
Cayman Island-incorporated Jinxin Fertility Group, Japan’s Amvis Holding, UK-headquartered Proton Partners International and Singapore-based Alliance Healthcare Group, among others, also have plans, or have already completed efforts to go public this year.
© Zephus Ltd