Teladoc IPO raises $157 million

Telehealth platform company Teladoc, on Tuesday, announced that its initial public offering would be priced at $19 per share, raising $157 million, according to a Renaissance Capital post to NASDAQ.com. Teladoc increased its number of shares from 7 million to 8.25 million, and boasts an enterprise value of $620 million.

The company, which is trading on the New York Stock Exchange under the symbol TDOC, is being sued by competitor American Well, with the latter charging that Teladoc infringed on its intellectual property. Teladoc has also been battling with the Texas Medical Board over a rule that would require doctors to examine patients in person instead of through telemedicine before they can order prescriptions for them. A judge recently issued a temporary injunction against the board's rule. The ruling stops enforcement of the board's rule until after trial to determine whether it violates the law. Announcement