GMR Solutions, an emergency medical services provider based in Lewisville, Texas, announced a reduction in the proposed pricing for its U.S. initial public offering on Tuesday.
The company is now marketing 31,914,893 shares at $15 per share. That represents a departure from an earlier proposed price range of $22 to $25 per share. At the adjusted price, the offering is expected to raise approximately $479 million, down from a previously stated potential of about $798 million.
GMR Solutions intends to list its shares on the New York Stock Exchange under the ticker symbol GMRS. The planned underwriting syndicate includes J.P. Morgan, KKR Capital Markets LLC, BofA Securities, Barclays, Goldman Sachs & Co. LLC, Citigroup, Evercore ISI, Morgan Stanley, and UBS Investment Bank as joint book-runners. Capital One Securities, Loop Capital Markets, Regions Securities LLC and Strong Capital Markets are listed as co-managers for the transaction.
This pricing adjustment changes the headline capital target for the deal while leaving the share count unchanged in the current marketing. The new per-share price and the resulting proceeds figure are the key metrics the company is presenting as it advances toward a listing on the NYSE under the GMRS ticker.
Observers tracking the deal will note the list of major banks and financial firms serving as joint book-runners and co-managers. Those appointments remain part of the offering structure as the company markets the revised price and the fixed allotment of shares.
Summary of the transaction
- Shares being marketed: 31,914,893
- New proposed offer price: $15 per share
- Previous proposed price range: $22 to $25 per share
- Estimated proceeds at new price: roughly $479 million
- Estimated proceeds at prior top of range: as much as $798 million
- Planned listing: New York Stock Exchange, ticker GMRS
The company and its underwriting team remain in place as the revised pricing is marketed to prospective investors.