Doximity (NYSE:DOCS) stock is retreating on Friday after the company saw its shares rocket higher with its initial public offering (IPO).
Let’s take a look at DOCS stock and what investors need to know about the Doximity IPO.
- Doximity went public yesterday and quickly saw shares of its stock rocket higher.
- The company listed its shares for $26 each.
- However, it quickly saw them rocket past that price and they closed out trading at $56 per share.
- The Doximity IPO included a total of 19,010,750 shares being offered directly by it.
- This saw it raising gross proceeds of $494.3 million from the IPO.
- There were also 4,289,250 shares sold by an existing shareholder.
- Doximity doesn’t see any of the proceeds from the sale of those shares.
- The company listed its shares on the New York Stock Exchange under the DOCS stock ticker.
- There’s also a 30-day option for underwriters to acquire an additional 3,495,000 shares at the IPO price.
- The joint lead book-running managers for the IPO are Morgan Stanley (NYSE:MS), Goldman Sachs (NYSE:GS), and J.P. Morgan (NYSE:JPM).
- Doximity is a company that offers a digital platform for U.S. medical professionals.
- This has it serving more than 80% of all U.S. physicians.
- It offers them a variety of services that they can use for their work.
- That includes digital tools built for medicine that enable them to work with fellow doctors.
- DOCS trading yesterday saw it move about 17.1 million shares.
- It’s not doing quite as hot today with just over 2 million units moving as of this writing.
DOCS stock was down 5.3% as of Friday morning.
Investors have plenty of other news that they can look in on today!
There’s lots to talk about with several stocks seeing major movements today. That includes the latest details concerning Grove (NASDAQ:GRVI), Paysafe (NYSE:PSFE), and Hall of Fame Resort & Entertainment (NASDAQ:HOFV). Investors can catch up on all of this news by following the links below!
More Friday Stock Market News
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- PSFE Stock: Why Redditors Are Betting on a Big Short Squeeze for Paysafe
- The InvestorPlace Q&A: Embrace the NFT Revolution with HOFV Stock
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.