The ASX telehealth sector is set to welcome a new member in UK-based Doctor Care Anywhere.

Doctor Care Anywhere will open a $102 million IPO on November 16 and list on Friday December 4. The company will have a market cap of $254.8 million upon its ASX debut.

It began in 2013 and offers various telehealth solutions including virtual consultations and electronic health record storage.

Like its peers, Doctor Care Anywhere has seen rapid demand for its telehealth services in recent years. It estimates the global market has generated US$5.3 billion in revenues in 2019.


Rapid growth in 2020

In 2020, the industry has exploded because lockdown laws and anxieties over physical consultations have left patients with little or no other choice.

Doctor Care Anywhere has seen this manifest in its growth metrics with consultations growing 292 per cent in 12 months.

It says by 2024, the global industry will hit US$14.9 billion in revenues – depicting telehealth is here to stay.

“The impact of COVID-19 on all our lives has demonstrated the vital role that technology can and must play in the future of healthcare,” said chairman Jonathan Baines. 

“We see DOC at the forefront of this revolution and we have a clear and ambitious growth strategy that aims to create real value for investors in the rapidly growing digital health market.”

While its primary focus is in the UK, it has told potential investors international expansion is a future possibility.

Doctor Care Anywhere will be the second telehealth IPO of 2020 following Intelicare (ASX:ICR), which listed in May and has performed well ever since.

2020’s other IPOs in the broader health sector have seen solid debuts too, including medtechs 4DMedical (ASX:4DX) and Aroa Biosurgery (ASX:ARX) as well as COVID-19 test kit maker Atomo Diagnostics (ASX:AT1).