(Reuters) – Guardian Pharmacy, which provides pharmacy services to long-term healthcare facilities, raised $112 million in its U.S. initial public offering on Wednesday.
The Atlanta, Georgia-based firm priced its offering of 8 million shares of Class A common stock at $14 apiece, the low-end of its targeted range of $14 to $16 each.
The U.S. market for fresh listings is seeing a recovery in investor appetite, boosted by expectations of easing monetary policy by the country’s Federal Reserve and market optimism for a soft landing.
The company, which was founded in 2004, offers a suite of technology-enabled services designed to help residents of long-term health care facilities. It was operating 50 pharmacies serving roughly 174,000 residents, as of June 30.
Investors have been selective in backing companies, with those burning cash as least favoured, after a two-year IPO market downturn that saw poor performance from a raft of recently public high-profile firms.
The company’s shares will trade on the New York Stock Exchange under the ticker symbol “GRDN.”
Raymond James, Stephens and Truist Securities are the underwriters of the offering.
(Reporting by Disha Mishra and Manya Saini in Bengaluru; Editing by Alan Barona)
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