Lumexa Imaging

Lumexa Imaging is a leading network of outpatient diagnostic centers in the United States, specializing in MRI, CT, PET, X-ray, ultrasound and mammography. The company operates 184 centers across 13 states, combining wholly owned facilities with joint-venture partnerships. Founded in 2018 by Charlotte Radiology and the private equity firm Welsh, Carson, Anderson & Stowe, Lumexa has grown nearly tenfold from its original scale and has become one of the largest private imaging providers in the country.

Lumexa Imaging plans to raise up to $462.5 million through its IPO at a targeted valuation of $1.75–1.89 billion. The underwriting syndicate includes Barclays, J.P. Morgan, Jefferies, Deutsche Bank Securities, Wells Fargo and others.

The company demonstrates consistent revenue growth (over $1 billion in the last 12 months) and is expanding its clinical services with a focus on improving diagnostic accuracy, increasing patient access and integrating advanced tools, including AI-driven analytics. Amid rising demand for high-quality imaging services and the accelerating digital transformation of healthcare, Lumexa is viewed as one of the notable medical IPOs of the year.

Lumexa Imaging is set to list on Nasdaq under the ticker LMRI, with a price range of $17–20, aiming to raise up to $462.5 million at a valuation of around $1.8 billion.

Investor interest is supported by the rapid growth of the U.S. diagnostic imaging market and the healthcare system’s shift toward more accessible outpatient care. Lumexa continues to strengthen its position through an extensive network, standardized clinical processes, and the adoption of AI-driven analytics that enhance diagnostic accuracy and speed.

Amid strong demand for high-quality medical services, Lumexa is viewed as one of the key healthcare IPOs of the season.

Application deadline – December 10, 18:00 (UAE).

• Ownership: Lumexa Imaging is a healthcare company established with the participation of Charlotte Radiology and the private equity firm Welsh, Carson, Anderson & Stowe (WCAS). Its ownership structure reflects a PE-backed model focused on scaling, network optimization and integrating clinical practices into a unified operating system.

• Market Position: One of the fastest-growing outpatient diagnostic imaging operators in the United States. The company operates in 13 states and holds a meaningful share in markets with above-average population growth. Its strong positioning is reinforced by a hybrid model that combines wholly owned centers, partner facilities and joint ventures with major physician groups and healthcare systems.

• Financial Performance: In the first nine months of 2025, Lumexa increased revenue to $755.3 million while reducing net loss to $18.4 million, reflecting improved margins and operational scale. Growth in imaging volumes — particularly MRI and PET — has been a key driver of performance in 2025.

• Risks: High capital intensity associated with maintaining advanced imaging equipment, pricing pressure from insurance payers, competition from large national networks, the need for continuous investment in technology and radiology staff, and demand fluctuations tied to healthcare policy changes.

• IPO Objective: To restructure debt, fund further network expansion (including new JVs and de novo centers), enhance the company’s diagnostic technology platform and strengthen its presence in key regional markets across the U.S.

Lumexa Imaging emerged in response to the growing demand in U.S. healthcare for faster, more accessible and higher-quality diagnostic services. The company was founded in 2018 by Charlotte Radiology with the backing of Welsh, Carson, Anderson & Stowe — one of the most experienced private equity firms in the healthcare sector.

At the outset, Lumexa operated just twenty diagnostic centers, offering patients a limited range of imaging services. But demand for outpatient diagnostics continued to rise: patients sought more convenient care formats, while clinics needed partners capable of delivering standardized quality and high throughput. This became the starting point for Lumexa’s transformation from a regional operator into a scalable medical platform.

Over the following years, the company developed a hybrid operating model that combined wholly owned centers with joint ventures and partnerships involving leading radiology groups. At the same time, the breadth of services expanded — from MRI and CT to PET imaging and mammography. Each new modality increased the company’s value for patients, clinics and insurance partners.

A pivotal milestone was the company’s technology modernization — upgrading equipment, introducing automated workflows and implementing analytics tools to optimize capacity. These steps enabled Lumexa to grow its network to 184 centers across 13 states, making it one of the fastest-growing imaging providers in the country.

Today, Lumexa Imaging serves more than a million patients annually and has become a key element of the outpatient-care ecosystem. The company is entering the public markets at an estimated $1.8 billion valuation to strengthen its balance sheet, accelerate network expansion and continue building infrastructure that makes diagnostic services faster, more accurate and more accessible for millions of people.

Lumexa illustrates how modern healthcare evolves not only through new technologies, but also through companies capable of scaling quality and clinical standards nationwide.

— What is an IPO?
An IPO (Initial Public Offering) is when a private company lists its shares on a stock exchange for the first time to raise capital from investors. From that point onward, the company’s shares can be freely bought and sold on the open market.

— Where are IPOs conducted?
IPOs take place on the world’s largest stock exchanges. In the U.S., the primary venues are the NYSE (New York Stock Exchange) and NASDAQ. Once a company goes public, its shares are freely traded on these exchanges, and the market price is established after the offering.

— What is allocation?
Allocation (from “allocation” — distribution) refers to the process of distributing resources, assets, or capital for maximum efficiency. In investing, allocation usually means distributing the available amount of shares among investors in an IPO or private placement.

— How much allocation does an investor receive?
The allocation size is determined by the terms of each specific offering and typically ranges from 2% to 30% of the submitted application amount. In some cases, the allocation may reach 100%. In rare instances, no allocation may be granted — in that case, the full amount of the application is returned to the investor’s account and becomes available for reinvestment or withdrawal. Information on the actual allocation volume is usually provided about one day before the IPO, approximately six hours prior to the transaction.

Example — Bullish IPO (Aug 13, 2025):
An investor placed an order for $10,000. The allocation was 29.6%, meaning $2,960 was invested in the IPO. The remaining $7,040, including the purchase commission, was refunded to the balance and became available for withdrawal.

Klarna IPO (Sept 10, 2025):
An investor placed an order for $10,000. The allocation was 14%, meaning $1,400 was invested in the IPO. The remaining $8,600, including the purchase commission, was refunded to the balance and became available for withdrawal.

Figure IPO (Sept 11, 2025):
An investor placed an order for $10,000. The allocation was 16%, meaning $1,600 was invested in the IPO. The remaining $8,400, including the purchase commission, was refunded to the balance and became available for withdrawal.

Gemini IPO (Sept 12, 2025):
An investor placed an order for $10,000. The allocation was 29%, meaning $2,900 was invested in the IPO. The remaining $7,100, including the purchase commission, was refunded to the balance and became available for withdrawal.

Legence IPO (Sept 12, 2025):
An investor placed an order for $10,000. The allocation was 78%, meaning $7,800 was invested in the IPO. The remaining $2,200, including the purchase commission, was refunded to the balance and became available for withdrawal.

Black Rock Coffee Bar IPO (Sept 12, 2025):
An investor placed an order for $10,000. The allocation was 68%, meaning $6,800 was invested in the IPO. The remaining $3,200, including the purchase commission, was refunded to the balance and became available for withdrawal.

— Why do companies go public?
To raise growth capital, increase brand visibility, and provide early investors and employees with an opportunity to sell part of their shares.

— How is participating in an IPO different from buying shares on the exchange?
When you participate in an IPO, you buy shares before they start trading publicly. This provides an opportunity to purchase at the fixed offering price but also carries the risk that the price may drop once trading begins.

— What do I get by participating in an IPO through Regolith?
You become an investor in the company at the IPO stage via our U.S. partner infrastructure. After the transaction is completed and the lock-up period expires, profits from the share sale are distributed among investors proportionally to their stake in the deal.

— What is a lock-up period and how long does it last?
A lock-up period is a timeframe set by the issuer and underwriters during which shares cannot be sold. For IPOs offered through our platform, this period is 93 days. Once it ends, the shares are sold on the exchange and proceeds are distributed among investors.

— How is participating through the platform different from buying shares independently?
To buy independently, you would need access to a U.S. broker, a significant investment amount, and approval from underwriters. The platform pools capital from investors, providing access to IPOs that are otherwise unavailable to most individuals.

— Through whom is IPO participation carried out?
We operate through a U.S.-based structure that works with a licensed broker in the U.S. Our partner selects promising IPOs and participates in the offering under its own name.

— How is the deal structured legally?
An investor signs an agreement/offer to participate in the investment product. Regolith then transfers funds to its partner entity — Wealthy Labs Limited (the provider), which enters into a forward contract with the broker and executes all operational activities. The provider delivers the financial outcome to Regolith, which then distributes proceeds among investors.

— Is there a minimum investment amount?
Yes. Each IPO has a defined minimum entry threshold, shown on the offering page. On average, Regolith provides access starting from $500.

— Do I receive shares into my personal brokerage account?
No. Shares are purchased and held in the partner’s brokerage account. After the lock-up period, the broker sells the shares and transfers proceeds for distribution among investors.

— Can shares be transferred directly to my brokerage account?
No. Participation is structured via a forward contract with the partner’s brokerage infrastructure. The deal is executed on behalf of the partner, and settlements with investors are carried out through the platform.

— How can I sell my shares after the IPO?
Sales are processed automatically: once the lock-up expires, the partner broker sells the shares on the exchange, and proceeds are distributed proportionally among investors.

— What are the risks of investing in IPOs?
IPOs are high-risk investments. While they may offer high returns, they also carry significant volatility. Share prices on the first trading day — and after the lock-up — can fluctuate sharply. There is a risk that the market price will fall below the offering price. In addition, macroeconomic and sector-specific factors can affect outcomes.

— Can I know in advance how much I will earn?
IPO returns are not guaranteed. The final result depends on the share price at the time of sale after the lock-up, overall market conditions, and the company’s performance.

— How can I verify that Regolith participates in IPOs?
We publish all available deal information in the client dashboard. Additionally, we provide an agreement disclosing the infrastructure used for transactions. Broker and partner documents are not shared, as they contain confidential data protected by contractual obligations.