Lumexa Imaging, one of the largest U.S. diagnostic imaging services providers, said on Wednesday it has raised $462.5 million in its initial public offering.
Backed by private equity firm Welsh, Carson, Anderson & Stowe (WCAS), Lumexa Imaging sold 25 million shares at $18.50 apiece, compared with the marketed range of $17 to $20 per share. The IPO valued the Raleigh, North Carolina-based company at $1.75 billion.
With about two weeks until Christmas, the U.S. IPO market is in the final stretch of the year as a rebound in equities after a recent sell-off encourages companies to tap the final window to go public in 2025.
"Risk appetite is there for the right deal. However, it does not currently extend to sectors which have shown particularly poor post-IPO returns recently, including the mostly VC-backed IPOs in the crypto, AI and fintech space coming out of Silicon Valley," said IPOX CEO Josef Schuster.
U.S.-listed IPOs have raised $64.67 billion this year as of December 8, marking the strongest year since the 2021 boom, according to Dealogic data.
Formerly known as US Radiology Specialists, Lumexa Imaging was formed in 2018 by Charlotte Radiology and WCAS. The company has expanded rapidly in recent years, partly by making more than a dozen acquisitions. Its U.S. footprint spans 184 centers across 13 states.
Aging demographics, rising incidence of diseases and technological advances are driving demand for diagnostic imaging in the U.S. as hospitals and urgent care centers ramp up capacity.
Lumexa reported a net loss of $18.4 million on revenue of $755.3 million in the nine months ended September 30, compared with a net loss of $69 million on revenue of $700.8 million in the same period a year earlier.
Barclays, J.P. Morgan and Jefferies were the joint lead book-running managers for the offering. Lumexa Imaging will begin trading on the Nasdaq under the symbol "LMRI" on Thursday.
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