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Post-acute healthcare provider PACS Group sets terms for $400 million IPO

April 1, 2024

PACS Group, a post-acute care provider with more than 200 nursing facilities across the US, announced terms for its IPO on Monday.

The Farmington, UT-based company plans to raise $400 million by offering 19.1 million shares at a price range of $20 to $22. At the midpoint of the proposed range, PACS Group would command a fully diluted market value of $3.2 billion.

PACS Group is a post-acute healthcare company primarily focused on delivering skilled nursing care through a portfolio of independently operated facilities. The company states that it is one of the largest skilled nursing providers in the US by number of facilities, with 208 post-acute care facilities across nine states serving over 20,000 patients daily. As of December 31, 2023, it leased 165 facilities, directly owned the real estate at 29 facilities, and owned partial interests in an additional 14 facilities through joint ventures managed by third parties. PACS also provides senior care, assisted living, and independent living options in some of its communities.

PACS Group was founded in 2013 and booked $3.1 billion in revenue for the 12 months ended December 31, 2023. It plans to list on the NYSE under the symbol PACS. Citi, J.P. Morgan, Truist Securities, RBC Capital Markets, and Goldman Sachs are the joint bookrunners on the deal. It is expected to price during the week of April 8, 2024.