Global Medical Response (GMR Solutions), a major provider of emergency medical transport and related services, disclosed plans on Monday to pursue a U.S. initial public offering that would imply a valuation of as much as $5 billion. The Lewisville, Texas-headquartered company said it intends to sell 31.9 million shares at a proposed price range of $22 to $25 per share, which would generate up to $797.9 million at the top end of that range.
The company said funds affiliated with investment firms KKR, Ares and HPS are expected to participate in a private placement of warrants totaling roughly $350 million. J.P. Morgan, KKR and BofA Securities are listed among the underwriters for the offering. GMR is expected to list its stock on the New York Stock Exchange using the symbol "GMRS."
The planned offering comes as the IPO market has shown renewed activity in recent weeks. Market participants see the uptick in new listings carrying into May after a brief slowdown in March. According to Renaissance Capital, April became one of the larger months for initial public offerings in recent years, with several issuers pricing deals in excess of $1 billion. Sources cited market optimism surrounding developments in the Middle East as one factor that helped company boards move forward with listing plans.
GMR traces some of its corporate structure to a series of prior transactions involving KKR. The New York-based firm acquired Air Medical from Bain Capital in 2015 in a transaction valued at about $2 billion. KKR later combined that air ambulance business with American Medical Response after purchasing the ground ambulance provider from Envision Healthcare in 2018 for $2.4 billion.
Today, GMR bills itself as a large-scale emergency medical services operator. The company reported operations across roughly 1,400 U.S. counties, serving approximately 5.5 million patients each year. As of December 31, GMR estimates it had responded to about 10% of all 911 calls nationwide. The firm also said a substantial portion of its revenue is linked directly to the number of patient transports it performs.
Financially, GMR completed a $5.4 billion refinancing in 2025. The company and its backers have structured the IPO with both a public share offering component and a private placement of warrants intended to secure further investor support ahead of the listing.
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The offering will test investor appetite for healthcare services names tied to emergency response and patient transport volume, while also reflecting broader IPO market sentiment after the recent rebound in activity.