Lumexa Imaging Holdings, Inc. is moving toward a Nasdaq listing under the ticker LMRI, offering 25,000,000 shares at a price range of $17.00–$20.00 per share, with a standard 30-day option for underwriters to purchase an additional 3,750,000 shares. At the midpoint price of $18.50, Lumexa expects 94,565,652 shares outstanding immediately after the offering, implying a $1.75 billion market capitalization and a base deal size of roughly $462.5 million (or about $531.9 million if the over-allotment option is fully exercised). The deal is led by Barclays, J.P. Morgan, and Jefferies, indicating broad institutional support for a large healthcare services IPO.
Lumexa operates a national outpatient diagnostic imaging platform spanning wholly owned centers, joint ventures with health systems, franchise imaging locations, and variable-interest entities. Revenue is generated across multiple channels including net patient service fees, related-party billing, and management agreements, giving the business a diversified services footprint. The S-1 emphasizes recurring volume, local referral networks, and scalable growth through partnerships rather than relying exclusively on developing wholly owned facilities.
Financial performance has been improving steadily, reflecting modest revenue growth and meaningful margin expansion. Below is a consolidated snapshot from Lumexa’s prospectus (in thousands):
Revenue increased year-over-year from $935.9M to $948.9M, while operating income more than doubled from $22.4M to $55.2M, signaling meaningful efficiency gains across the platform. Nine-month 2025 results continue this trend, already posting $83.6M in operating income versus $40.0M for the same period in 2024. Lumexa remains unprofitable due to heavy leverage — interest expense exceeded $134M in 2024 — but losses have compressed materially from $(122.2M) in 2023 to $(94.1M) in 2024, with $(18.4M) reported for the first nine months of 2025 as debt costs begin to decline.
Lumexa’s IPO presents a transition from private-equity financing toward public-market growth capital, allowing management to reduce debt, increase flexibility in future acquisitions, and continue executing on a scalable outpatient imaging strategy in a sector driven by recurring diagnostic demand.
Lumexa's first trade is expected on December 11th, 2025
