Lumexa IPO: trading in securities of the network of diagnostic imaging centers has started

Preliminary trading of Lumexa Imaging Holdings shares has started in the trading system for Freedom (formerly Freedom Broker) clients. Lumexa is a provider of diagnostic imaging services - creating images of internal body parts. Later on December 11, its securities will appear on the Nasdaq exchange under the ticker LMRI.

Lumexa Imaging Holdings has successfully raised $462.5 million in an IPO, Reuters has calculated. The company placed 25 million shares at $18.5 per paper, which is in the middle of the previously announced price range ($17-20). Based on the IPO results, the value of the entire company can be estimated at $1.75 billion, Reuters notes.

Lead organizers of the deal were Barclays, JPMorgan and Jefferies. Deutsche Bank Securities, Wells Fargo Securities, Leerink Partners, William Blair and Capital One Securities, among others, also participated in organizing the IPO.

Lumexa was founded in Raleigh, North Carolina, in 2018. It became a joint venture between Charlotte Radiology and New York-based investment firm Welsh, Carson, Anderson & Stowe. The company was called US Radiology Specialists until July 2025.

Lumexa provides diagnostic imaging services, including MRI and CT scans, and operates 184 outpatient centers in 13 U.S. states. In addition, the company has eight partnerships and its referral network includes approximately 100,000 physicians from more than 29,000 medical practices (as of 2024).

The plans to go public coincided with growing interest in AI tools and analytics, which promise to improve diagnostic accuracy, lower healthcare costs and increase patient access to advanced imaging technology, Reuters writes.

The company has shown remarkable growth in recent years, maintaining "sustainable profitability" thanks to a business model focused on cash flow generation, Radiology Business writes. Consolidated revenue for the first nine months of 2025 increased 7.8% year-over-year to $755.3 million. Net loss for the nine months narrowed to $18.4 million (from $69 million a year earlier) and adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) reached $166.4 million.

Lumexa is going public in order to partially repay its debt: part of the proceeds from the IPO will be used to service $1.2 billion in debt, Seeking Alpha analyst Donovan Jones said.

The company operates a large network of diagnostic imaging centers and is showing improved operating results, gross margin growth and moderate revenue growth, Jones writes. The U.S. diagnostic imaging market has significant growth potential, but Lumexa faces risks associated with its limited geographic footprint and pressure from reimbursements from insurance and government programs, the analyst notes.

Proceeds from the IPO will not be used to expand the business, which raises concerns about the company's future dynamics - typical of healthcare firms managed by private equity capital with a high debt load, the expert summarizes.

Freedom Finance analyst Alem Bektemirov says that, according to a comparative assessment based on EV/EBITDA multiple, Lumexa shares have a growth potential of about 11.5% relative to the offering price of $18.5. He cites customer acquisition and retention, market competition, and technological changes as the main risks for the business: "It may be necessary to modernize equipment in the future, which could reduce demand for the company's services," the analyst points out.

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Freedom clients will be able to get access to Lumexa shares before the opening of the main exchange session. Trading will start in the early pre-market format 2-3 hours before the opening of the US exchanges (from 15:30-16:30 Astana time). To participate click on LMRI ticker.

This article was AI-translated and verified by a human editor