KKR-backed GMR eyes $5 billion valuation in US IPO

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)

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