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Global Medical Response IPO Nears $1 Billion
24 Feb
Summary
- Global Medical Response selected banks for its IPO.
- The KKR-backed company could raise $1 billion.
- GMR serves over 5.5 million patients annually.
Global Medical Response (GMR), a company specializing in air and ground emergency medical services and backed by KKR & Co., is reportedly moving forward with plans for an initial public offering (IPO). The company has selected JPMorgan Chase & Co. and Bank of America Corp. to lead the share sale, with KKR's capital markets desk also involved. This offering is anticipated to raise around $1 billion.
Additional banks, including Barclays Plc and Goldman Sachs Group Inc., are also working with GMR on the IPO. KKR originally acquired GMR's predecessor, Air Medical Group Holdings Inc., in 2015 for $2.09 billion and later combined it with American Medical Response after purchasing the latter for $2.4 billion in 2017. GMR provides emergency care to over 5.5 million patients each year and has a reach extending to more than 62% of the U.S. population.
