Welsh Carson-backed Lumexa Imaging reveals narrower loss in US IPO filing

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(Reuters) -Lumexa reported a narrower loss for the first nine months of 2025, the Welsh, Carson, Anderson & Stowe-backed medical imaging firm revealed in its U.S. initial public offering paperwork on Monday, aiming to tap a gradually reopening new listings window.

IPO activity in the U.S had recovered from tariff shocks to have its busiest autumn in four years, before the longest partisan gridlock in Washington curbed the SEC’s ability to review filings.

Now, the window for first-time share sales during the year-end continues to narrow, analysts have said, as the holiday season curbs flexibility of listing plans.

Private equity sponsors are sitting on a record backlog of companies primed to go public, as soaring equity markets and falling interest rates set the stage for a long-awaited IPO market recovery.

Earlier on Monday, York Space Systems filed to list its shares on the New York Stock Exchange.

Lumexa runs 184 outpatient imaging centers in 13 states, delivering advanced and affordable diagnostic imaging services such as MRI and CT.

Its listing plans come at a time when AI-driven tools and analytics are promising to improve diagnostic accuracy, lower healthcare costs and expand patient access to high-quality imaging tools.

“The rapid development of AI tools could also render obsolete certain technologies or tools we currently use,” Lumexa said in its prospectus.

Following the closing of its offering, Lumexa also aims to appoint former IBM and Microsoft executives to its board of directors.

The company reported a loss of $18.4 million on $755.3 million of revenue for the nine months ended September 30, compared with loss of $69 million on revenue of $700.8 million a year earlier.

Barclays, J.P. Morgan, and Jefferies are the lead underwriters on the offering.

The company aims to list its shares on the Nasdaq under the symbol “LMRI”.

(Reporting by Ateev Bhandari in Bengaluru; Editing by Alan Barona)