IPO News: What to look for when Lumexa Imaging goes public

IPO activity rebounded in the second half of the year, with the technology and healthcare sectors maintaining their dominance in public listings. The recovery has been supported by lower interest rates and a strong equity market. Lumexa Imaging Holdings, an operator of outpatient medical scanning centers, is the latest healthcare firm to pursue an initial public offering. In a recent filing with the Securities and Exchange Commission, the company revealed plans to offer around 25 million shares, priced between $17.0 per share and $20.0 per share.

The Offering

Lumexa has applied to list on the Nasdaq stock exchange under the symbol LMRI. The group of underwriters managing the offering is led by Barclays, JP Morgan, and Jefferies. The stock offering is expected to generate proceeds of around $427.0 million – after deducting charges – at the midpoint of the estimated price range. The management intends to use the proceeds to repay a portion of the company’s outstanding debt and for working capital. With around 94.6 million shares expected to be outstanding post-IPO, the company targets a valuation of up to $1.89 billion.

For the nine months ended September 30, 2025, Lumexa reported total revenues of $755.3 million, compared to $700.8 million in the corresponding period last year. The company posted a net loss of $18.4 million for the nine months, an improvement from the prior-year period when it incurred a loss of $69.0 million. Income from operations more than doubled to $83.6 million during the period.

The Business

Lumexa is a leading provider of advanced diagnostics like MRI, CT, and mammography in the US through a large network. Founded in 2018, the company is currently led by chief executive officer Caitlin Zulla. Since its inception, Lumexa has completed 20 acquisitions and opened 41 de novo centers, which are modern, company-owned, standalone outpatient imaging facilities. It is estimated that the diagnostic imaging services market grew at a compound annual rate of 4.2% from 2019 to 2024, led by freestanding imaging center growth of 6.9%.