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…

| More on:
Chalk-drawn rocket shown blasting off into space

Image source: Getty Images

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 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.

More on Share Gainers

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a volatile, but negative day for ASX investors this Thursday.

Read more »

Woman with an amazed expression has her hands and arms out with a laptop in front of her.
Share Gainers

Guess which ASX 200 stock turned $5,000 into $34,264 in just three years!

Investors have been piling into this ASX 200 stock for years, sending the share price soaring.

Read more »

Overjoyed man celebrating success with yes gesture after getting some good news on mobile.
Share Gainers

Why Beach Energy, Meeka Metals, Monash IVF, and Qantas shares are racing higher today

These shares are having a better day than most on Thursday. But why?

Read more »

Rising gold share price represented by a green arrow on piles of gold block.
Share Gainers

2 ASX All Ords stocks that would already have more than doubled your money this year

These ASX All Ords stocks have gained 126% and 145% year to date. But how?

Read more »

Ten smiling business people wave to the camera after receiving some winning company news.
Share Gainers

Here are the top 10 ASX 200 shares today

It was an historic day for the ASX, with the market setting a new record.

Read more »

Man drawing an upward line on a bar graph symbolising a rising share price.
Share Gainers

Why Fletcher Building, Johns Lyng, Pilbara Minerals, and Zip shares are charging higher

These shares are having a strong session on hump day. But why?

Read more »

A cool dude looks back at the camera while ziplining above the treetops.
BNPL shares

Zip share price rockets 19% on full-year earnings upgrade

Surging again today, Zip shares are now up 127% since their recent April lows.

Read more »

happy teenager using iPhone
Share Gainers

Up 96% since April, should I still buy Life360 shares today?

A leading expert offers his verdict on the growth outlook for the surging Life360 share price.

Read more »