The IPO Buzz: Lumexa Imaging Holdings (LMRI Proposed) Sets $462.5 Million IPO

Lumexa Imaging Holdings, Inc. (LMRI Proposed) launched its IPO by disclosing the terms – 25 million shares at $17.00 to $20.00 to raise $462.5 million, if priced at the $18.50 mid-point – in an S-1/A filing early today – Tuesday, Dec. 2, 2025. Bankers expect to price Lumexa’s IPO next week. This is a NASDAQ listing. Lumexa Imaging would have a market cap of about $1.75 billion, If priced at the $18.50 mid-point of its range.

Barclays and J.P. Morgan are the lead joint book-runners with Jefferies also serving as a lead joint book-runner, according to the company’s launch announcement early today.

Based in Raleigh, North Carolina, Lumexa Imaging describes itself as  a nationwide provider of diagnostic imaging services that include MRIs, CTs, PET scans,  X-rays, ultrasounds and mammograms.

As of Sept. 30, 2025, Lumexa Imaging and its affiliates operated the second-largest outpatient imaging center footprint in the United States. It spans 184 centers across 13 states and includes eight joint venture partnerships with health systems, according to the prospectus.

Lumexa Imaging intends to use some of the IPO proceeds to pay down debt, the prospectus said.

Lumexa Imaging was established in 2018 under the name US Radiology Specialists by Charlotte Radiology and Welsh, Carson, Anderson & Stowe, a private equity firm “with over 45 years of experience building successful companies in the healthcare and technology sectors,” according to the prospectus.

“We expanded rapidly from 20 centers in 2018 to 184 centers as of Sept. 30, 2025, by making 20 acquisitions and opening 41 de novo centers,” the prospectus said. “Effective July 8, 2025, US Radiology Specialists Holdings, LLC changed its name to Lumexa Imaging Equity Holdco, LLC.”

Lumexa Imaging is not profitable, according to the prospectus: Net loss of $43.57 million on revenue of $1 billion for the 12 months that ended Sept. 30, 2025.

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