In its IPO prospectus on Friday, health-tech company Doximity, which is often described as the LinkedIn for doctors, said it’s allocating up to 15% of shares in the offering for physicians through a “reserved share program.”
That means eligible doctors can get stock at the same price as the select group of institutional investors, who so often benefit from the IPO pop because they get early allocation and don’t have to wait for trading to begin. Doximity hasn’t yet said how many shares it plans to issue or at what price. To qualify for the program, members must meet certain thresholds of activity.
“We aspire to be the world’s largest physician-owned technology company, and our IPO reserved share program is intended to both thank our members and kickstart the process,” co-founders Jeff Tangney, Nate Gross and Shari Buck wrote in the founders’ letter portion of the prospectus.
Airbnb, which went public in December, set aside up to 7% of shares in its IPO for hosts on the platform. After the stock popped 112% in its debut, hosts who bought the