(Reuters) – PACS Group said it is seeking a valuation of as much as $3.25 billion in its U.S. initial public offering, the latest in a string of firms looking to take advantage of improving investor interest for new stocks.
After a two-year dry spell, IPOs in the United States are expected to rebound in 2024 on firming bets of a soft landing for the country’s economy and a broad rally in the capital markets.
The healthcare company is planning to sell 19.05 million shares priced between $20 and $22 each to raise about $419 million at the top of the range, according to a regulatory filing.
Founded in 2013, PACS is a post-acute healthcare company primarily focused on delivering skilled nursing care through a portfolio of independently operated facilities.
Citigroup, J.P. Morgan and Truist Securities are the lead underwriters of the offering. It has applied to trade on the New York Stock Exchange under the symbol “PACS”.
(Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra Eluri)
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