May 12 (Reuters) – Emergency medical services provider GMR Solutions on Tuesday slashed the valuation target of its U.S. initial public offering to about $3.3 billion from $5 billion, as investors remain selective about new listings.
The Lewisville, Texas-based company, known as Global Medical Response, is seeking $478.7 million in the IPO by marketing 31.9 million shares at $15 apiece, down from its plan to raise as much as $797.9 million at a proposed range of $22 to $25 apiece.
While the spring IPO market has been encouraging after the brief lull in March, analysts caution the IPO window remains uneven, with investors being selective as to where they deploy capital.
Investment firm KKR bought air ambulance provider Air Medical in a roughly $2 billion deal from Bain Capital in 2015.
The New York-based firm then combined Air Medical with American Medical Response in 2018 to form Global Medical Response, after acquiring the ground ambulance provider from Envision Healthcare for $2.4 billion.
GMR, which completed a $5.4 billion refinancing in 2025, is a heavyweight in providing essential emergency medical services, with operations spanning roughly 1,400 U.S. counties. It had roughly $5 billion in long-term debt as of December 31.
Funds affiliated with investment firms KKR, Ares and HPS are expected to buy $500 million of private placement warrants. They had earlier planned to buy $350 million of warrants.
GMR is expected to price its IPO later on Tuesday and begin trading on the New York Stock Exchange on Wednesday under the symbol “GMRS”.
J.P. Morgan, KKR and BofA Securities are among the underwriters on the offering.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shreya Biswas)
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