GMR Solutions shares drop 10% in NYSE debut, valuing firm at $3bn

Investing.com -- Shares of GMR Solutions fell 10% in their New York Stock Exchange debut on Wednesday, valuing the KKR-backed emergency medical services provider at $3 billion.

The stock opened for trading at $13.50 on Wednesday, 10% below the company's initial public offering price of $15 per share.

GMR Solutions Inc. had planned to offer 31,914,893 shares of Class A common stock with a price range of $22.00 to $25.00 per share to raise as much as $798 million. The company eventually priced the offering at $15, far below the planned range, raising roughly $479 million.

Shares now trade on NYSE under the ticker GMRS.

J.P. Morgan, KKR Capital Markets LLC, BofA Securities, Barclays, Goldman Sachs & Co. LLC, Citigroup, Evercore ISI, Morgan Stanley, and UBS Investment Bank serve as joint book-runners for the offering. Capital One Securities, Loop Capital Markets, Regions Securities LLC and Strong Capital Markets act as co-managers.

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