By Arasu Kannagi Basil and Pragyan Kalita
May 4 (Reuters) – Emergency medical services provider GMR Solutions said on Monday it was targeting a valuation of up to $5 billion in its U.S. initial public offering, as the pickup in new listings extends into May.
The Lewisville, Texas-based company, known as Global Medical Response, is seeking up to $797.9 million in the IPO by offering 31.9 million shares priced between $22 and $25 apiece.
The IPO market mounted a strong comeback last month after a brief lull in March, as optimism around the conflict in the Middle East gave boardrooms confidence to move ahead with listing plans.
April was one of the biggest months for the IPO market in recent years, with multiple big issuers pricing $1 billion-plus offerings, according to Renaissance Capital, a provider of IPO-focused research and ETFs.
AI-chip firm Cerebras also launched the roadshow for its New York IPO on Monday, which can act as a positive catalyst for the entire listings market.
“If it (Cerebras) performs well, it’ll even help the listing environment for non-AI companies,” said Matt Kennedy, senior strategist at Renaissance Capital.
“Every strong performer and each week of market stability brings us closer to the IPO wave we’ve been anticipating.”
KKR-BACKED HEAVYWEIGHT
Investment firm KKR bought air ambulance provider Air Medical in 2015 from Bain Capital in a roughly $2 billion deal.
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.
Funds affiliated with investment firms KKR, Ares and HPS are expected to buy $350 million of private placement warrants.
J.P. Morgan, KKR and BofA Securities are among the underwriters. GMR Solutions will list on the New York Stock Exchange under the symbol “GMRS.”
(Reporting by Arasu Kannagi Basil and Pragyan Kalita in Bengaluru; Editing by Shreya Biswas)
