Shares of GMR Solutions moved sharply lower on Wednesday as the company began trading on the New York Stock Exchange.
The stock opened at $13.50 per share, below its initial public offering price of $15, resulting in an estimated company valuation of around $3 billion. During early trading, shares fell nearly 12% from the IPO price.
The Texas-based emergency medical services provider raised approximately $478.7 million through the sale of nearly 31.9 million shares in its public offering. The final IPO pricing was significantly lower than the company’s earlier target range of $22 to $25 per share.
Ahead of the market debut, GMR had already revised its offering price downward as market conditions remained cautious toward new listings.
Operating under the name Global Medical Response, the company provides ambulance and emergency healthcare services across nearly 1,400 counties throughout the United States.
KKR formed the company in 2018 through the merger of two of its portfolio businesses, Air Medical and American Medical Response, creating one of the largest emergency medical service providers in the country.