Radiology provider Lumexa Imaging unveils pricing of IPO
Radiology provider Lumexa Imaging on Wednesday announced the pricing of its initial public stock offering, with its shares slated to begin trading Dec. 11.
The Raleigh, North Carolina-based company—which formerly went by US Radiology Specialists—is offering 25 million shares of common stock at $18.50 apiece. Lumexa also is giving underwriters the option to purchase up to an additional 3.75 million shares.
Those involved said the company will trade on the Nasdaq under the ticker symbol LMRI starting Thursday, with the IPO expected to close by Friday. If successful, Lumexa is expected to raise approximately $462.5 million from the offering, before subtracting underwriting costs.
“We are one of the largest national providers of diagnostic imaging services. Our platform is integrated, scalable and has a proven track record of creating value for our stakeholders,” Lumexa said in a previous filing with the U.S. Securities and Exchange Commission.
The company was first formed in 2018 as a joint venture between Charlotte Radiology and New York private equity firm Welsh, Carson, Anderson & Stowe. Since then, it has grown from about 20 outpatient centers to more than 180 across 13 states. Lumexa now employs 5,000 team members and conducted about 4 million outpatient scans in 2024.
Last month, leaders said they’ll use the IPO proceeds to pay down a portion of Lumexa’s nearly $1.2 billion in outstanding debts, along with deploying dollars for “other general corporate purposes.” Lumexa expects to retain all available funds and future earnings and does not anticipate declaring or paying any cash dividends in the foreseeable future.
A representative declined to comment on the IPO pricing Wednesday. Barclays, J.P. Morgan and Jefferies are acting as lead underwriters of the offering. Private equity sponsors are sitting on a record backlog of companies primed to go public, Reuters reported previously, as soaring equity markets and falling interest rates “set the stage for a long-awaited IPO market recovery.”
You can read our previous coverage about the company below.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.