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PACS Group said it was seeking a $3.25 billion valuation for its US IPO, the latest in a string of companies seeking to capitalize on growing investor interest for new actions.
After a two-year slump, IPOs in the United States are expected to rise again in 2024, thanks to forecasts of a soft landing for the country’s economy and a widespread recovery in financial markets.
The health care company plans to sell 19.05 million shares priced between $20 and $22 each to raise about $419 million at the high end of the range, according to a regulatory filing.
Founded in 2013, PACS is a post-acute healthcare company primarily focused on providing skilled nursing care through a portfolio of independently operated facilities.
Citigroup, JP Morgan and Truist Securities are the lead underwriters of the offering. The company has applied to list on the New York Stock Exchange under the symbol “PACS”.