Lumexa Imaging Holdings, a diagnostic medical imaging provider with 184 outpatient centers across the US, announced terms for its IPO on Tuesday.
The Raleigh, NC-based company plans to raise $463 million by offering 25 million shares at a price range of $17 to $20. At the midpoint of the proposed range, Lumexa Imaging Holdings would command a fully diluted market value of $1.8 billion.
Lumexa Imaging is a national provider of outpatient diagnostic imaging services, operating 184 centers across 13 states through a mix of wholly owned sites and joint ventures with health systems. The company offers a range of advanced and routing imaging modalities, spanning MRIs, CTs, PET scans, X-rays, ultrasounds, and mammograms. Formed in 2018 by Charlotte Radiology and investor WCAS under the name US Radiology Specialists, Lumexa expanded from 20 centers by completing 20 acquisitions and opening 41 de novo locations, and maintains a diversified network of about 100,000 referring physicians from more than 29,000 practices.
Lumexa Imaging Holdings booked $1.0 billion in sales for the 12 months ended September 30, 2025. It plans to list on the Nasdaq under the symbol LMRI. Barclays, J.P. Morgan, Jefferies, Deutsche Bank, Wells Fargo Securities, Leerink Partners, William Blair, Capital One Securities, Fifth Third Securities, Raymond James, and PNC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of December 8, 2025.
