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Healthcare firm PACS Group's shares rise nearly 10% in NYSE debut
- By Reuters
- London
- Apr 13, 2024
PACS Group shares rose nearly 10 per cent 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 their initial public offering (IPO) price of $21. PACS raised $450 million on Wednesday from the sale of 21.4 million shares in an upsized offering.
After a two-year dry spell, U.S. IPOs are expected to rebound in 2024 on firming bets of a soft landing for the world's largest economy, although the recovery has been uneven so far.
Since the beginning of the year, healthcare companies like CG Oncology and KKR-backed BrightSpring Health Services have entered markets on contrasting debuts.
Founded in 2013, PACS is a post-acute healthcare company, primarily focused on delivering skilled nursing care through a portfolio of independently operated facilities.