GMR Solutions IPO targets $5 billion valuation

GMR Solutions launched its archetypal nationalist offering connected Monday, targeting a valuation of up to $5 cardinal arsenic it offers astir 32 cardinal shares of Class A communal banal priced betwixt $22 and $25 each.

Headquartered successful Lewisville, Texas and operating nether the Global Medical Response name, the KKR-backed steadfast has acceptable a fundraising people of up to $797.9 million, Reuters reported. A afloat subscription astatine $25 per stock would enactment GMR's marketplace capitalization astatine astir $4.67 billion, a fig derived from the stock number disclosed successful its SEC filing, Bloomberg noted.

GMR plans to database connected the New York Stock Exchange nether the ticker awesome "GMRS." The institution has besides granted underwriters a 30-day enactment to acquisition up to an further 4,787,233 shares to screen over-allotments.

In a woody moving alongside the IPO, concern vehicles tied to KKR, Ares Management, and HPS — the recognition level owned by BlackRock — person committed to purchasing $350 cardinal worthy of backstage placement warrants, the institution said. GMR intends to usage proceeds from the offering to redeem definite outstanding preferred stock, with remaining proceeds — combined with the backstage placement funds and currency connected manus — going toward repaying a information of borrowings nether a word indebtedness owed 2032.

After the IPO, KKR volition clasp bulk voting power, making GMR a "controlled company" nether NYSE governance standards.

Ranked arsenic the apical exigency aesculapian services supplier successful the country, GMR deploys aerial and crushed ambulances susceptible of reaching patients successful each state, Bloomberg reported. The company's work footprint reaches implicit 60% of the U.S. population, and its much than 24,000 clinicians respond to astir 5.5 cardinal diligent encounters each year.

Two deals formed the backbone of GMR's existent structure: a 2015 acquisition of Air Medical Group Holdings — a chopper ambulance relation whose anterior backers included Bain Capital — for astir $2.09 billion, followed by the $2.4 cardinal acquisition of crushed transport relation American Medical Response from Envision Healthcare, aft which the 2 businesses were merged, Bloomberg reported. GMR completed a $5.4 cardinal refinancing successful 2025, according to Reuters.

The company's astir caller yearly results showed a crisp betterment successful profitability: gross came successful astatine $5.74 cardinal with nett income of $206.2 cardinal successful 2025, a melodramatic plaything from the $20.4 cardinal nett recorded against $5.98 cardinal successful gross the anterior year, Bloomberg reported.

J.P. Morgan, KKR Capital Markets, and BofA Securities are among the underwriters for the offering, the institution said.