GMR Solutions, which is leading provider of emergency medical services and alternate-site care in the US, raised $479 million by offering 31.9 million shares at $15. The company originally filed to offer 31.9 million shares at $22 to $25, before it decreased the range earlier on Tuesday. The company also planned to raise an additional $500 million (up from $350 million originally) in a concurrent private placement of warrants to KKR, Ares, and HPS. At pricing, the company commands a fully diluted market value of $3.8 billion.
Formed in 2018 through the merger of Air Medical Group Holdings and American Medical Response, GMR Solutions is a provider of emergency medical services and out-of-hospital care in the United States and internationally. The company delivers on-site clinical care through trained medical teams and coordinates patient transport via air and ground ambulance when higher levels of care are required, or directs non-emergent patients to lower-acuity settings. Its operations span a broad network of urban and rural communities, functioning as an entry point into the healthcare system and supporting care delivery across a range of emergency and non-emergency situations.
The Lewisville, TX-based company will trade on the NYSE under the symbol GMRS. J.P. Morgan, KKR, BofA Securities, Barclays, Goldman Sachs, Citi, Evercore ISI, Morgan Stanley, and UBS Investment Bank acted as joint bookrunners on the deal.
