Healthcare firm PACS Group’s shares rise 9% in NYSE debut

By Thomson Reuters Apr 11, 2024 | 10:33 AM

(Reuters) – PACS Group shares rose 9.5% in their debut on the New York Stock Exchange on Thursday, valuing the healthcare firm at $4 billion.

The company’s shares opened at $23 apiece, above its initial public offering (IPO) price of $21. It raised $450 million on Wednesday from the sale of 21.4 million shares in an upsized offering.

The strong debut underscores positive sentiment in the U.S. IPO market, as the equity market rallies to new highs.

Founded in 2013, PACS is a post-acute healthcare company, primarily focused on delivering skilled nursing care through a portfolio of independently operated facilities.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shilpi Majumdar and Anil D’silva)