Definitive Healthcare spikes 37% on its first day of trading.
Definitive Healthcare Corp. said late Tuesday it priced its initial public offering at $27 a share, selling more than 15 million shares above an expected range between $21 and $24 a share. The shares are slated to begin trading on the Nasdaq under the ticker symbol DH on Wednesday. Underwriters including Goldman Sachs and JPMorgan have a 30-day option to buy an additional 2.3 million shares at the IPO price. Definitive provides a healthcare commercial intelligence and analytics platform and its IPO is part of a busy week for launches, with 2021 poised to be the biggest year ever for IPO proceeds.
Definitive Healthcare states that it is a leading provider of healthcare commercial intelligence, offering a platform leveraged by functional groups including sales, marketing, clinical research and product development, strategy, talent acquisition, and physician network management. The company served over 2,600 customers as of June 30, 2021, which include biopharmaceutical and medical device companies, Healthcare Information Technology companies, healthcare providers, and other diversified companies seeking commercial success in the healthcare ecosystem.
Definitive Healthcare was founded in 2011 and booked $140 million in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbolDH. Goldman Sachs, J.P. Morgan, Morgan Stanley, Barclays, Credit Suisse, and Deutsche Bank are the joint bookrunners on the deal. It is expected to price during the week of September 13, 2021.