Telehealth firm, Amwell has priced its upsized IPO of ~41.2M shares of Class A standard inventory at $18.00/share for whole gross proceeds of ~$742M.
Initially, Amwell had planned to sell 35M shares at $14 – $16.
Underwriters’ over-allotment is a further ~6.2M shares, from Amwell and sure stockholders of the corporate.
Buying and selling kicks off September 17. Cut-off date is September 21.
Utilization of Amwell’s platform to ship care throughout the COVID-19 disaster elevated dramatically, accounting for 77% of the two.2M whole visits carried out throughout three months ended June 30, 2020, versus 50% of the over 700K visits for the three months ended March 31, 2020.
In August, Amwell partnered with Google to deliver transformative telehealth solutions. The tech firm will make investments $100M into Amwell, and the corporate will use Google for its cloud companies.
In accordance with a 2020 market research report by MarketsAndMarkets, the worldwide marketplace for telehealth software program and companies is predicted to achieve $55.6B by 2025, up from a forecast $25.4B in 2020.This represents a powerful CAGR of 16.9% from 2020 to 2025.
Beforehand: Amwell files for IPO with $100M investment from Google (Aug. 25)