Practo, ZocDoc, Doctolib: Are a wave of Healthcare Appointment Booking IPOs on the Horizon?

There are credible signs of an IPO window opening for the leading appointment‑booking and practice‑management platforms, with Practo and Doctolib the most overtly IPO‑ready today and Zocdoc a logical follower if US tech IPO sentiment holds.

Company‑by‑company outlook

1. Practo (India‑first, going global)

Practo has repeatedly flagged IPO ambitions “within two years” after slashing losses and growing revenue, with management targeting full‑year profitability and using IPO proceeds for expansion.

By late 2025, it was reported to be appointing banks for a 2026 listing, involving a shift of the holding company from Singapore to India, which is a concrete pre‑IPO step.

In 2026 it has pushed into the US with a care‑navigation / booking platform, listing c.200k doctors and reaching a GMV run‑rate of about 75 million dollars, explicitly framed in Indian media as “IPO‑bound” expansion.

Takeaway: Practo looks closest to a “live” IPO candidate, with timing guidance, banking moves and international growth all consistent with a late‑2026 India listing, potentially with a strong “global health platform from India” equity story.

Doctolib (EU leader)

Doctolib is consistently cited as Europe’s prime digital‑health IPO candidate, with 60+ million users across France, Germany and Italy and a dominant position in appointment booking plus practice software.

The company raised about 549 million dollars in 2022 at a valuation of around 6.4 billion dollars, widely interpreted as pre‑IPO scaling capital.

Commentators note a stated goal of profitability around 2025 and argue that the improved healthtech IPO tape and its leadership position make it a likely large‑cap listing once markets stabilise.

Takeaway: Doctolib has all the ingredients for a flagship European healthtech IPO (scale, SaaS‑like revenues, profitability trajectory), but has not set a firm date; its decision will likely be driven by broader EU tech valuations rather than need for capital.

Zocdoc (US marketplace)

Zocdoc is a mature US marketplace with a large user base, monetising on the provider side and positioned squarely in online discovery and appointment booking.

Recent healthtech IPO watchlists call Zocdoc “a logical next step” for IPO when conditions are favourable, citing its scale and focus on operational efficiency, but there is no public S‑1‑style timeline.

Compared to Practo and Doctolib, the recent commentary is more speculative: Zocdoc is mentioned alongside other potential telehealth listings rather than as an actively preparing issuer.

Takeaway: Zocdoc is structurally IPO‑able, but there is less visible signalling; its path likely depends on US multiples for marketplaces and digital health recovering to levels that justify its last private mark.

Is there a “wave” or just a few leaders?

There is evidence of a cluster of possible listings rather than a broad, indiscriminate wave:

Specialist healthtech observers note that the IPO market is more receptive than in previous years, particularly to businesses with clear profitability paths and recurring revenue models, and they put Doctolib, Practo and Zocdoc on shortlists of likely H2‑2025–2026 candidates.

The business model has matured from “simple booking apps” to integrated platforms (appointment booking, telehealth, payments, practice management, care navigation), supporting larger revenue bases and more robust unit economics.

However, most of the named companies are either regional oligopolies or full‑stack care platforms; there is not yet a dozen‑plus pure‑play booking IPO pipeline, which argues for 2–4 landmark deals rather than a frenzy.

Key drivers supporting IPOs

Normalising IPO windows in tech / healthtech after the 2022–23 drought, with investors prioritising profitability, capital efficiency and B2B/SaaS‑like revenue.

Structural digitalisation tailwinds: patients and providers are now habituated to digital booking, teleconsults and integrated workflows, which underpins long‑term growth narratives.

Region‑specific angles:

India: supportive domestic IPO market for profitable tech, and policy interest in digital health makes Practo’s story attractive.

Europe: scarcity of large‑cap listed healthtech platforms makes a Doctolib IPO particularly high‑profile.

US: investors are more selective after mixed telehealth outcomes, but a scaled, profitable Zocdoc could price if positioned as infrastructure rather than “visit‑volume‑at‑all‑costs” telemedicine.