Guardian Pharmacy Raises $112 Million in U.S. IPO, Valued at $869.3 Million
Guardian Pharmacy, a leading provider of pharmacy services to long-term healthcare facilities, successfully raised $112 million in its U.S. initial public offering on Wednesday. The Atlanta-based firm priced its offering at $14 per share, at the lower end of its expected range.
The U.S. IPO market is showing signs of recovery, with investors showing increased appetite due to expectations of monetary policy easing by the Federal Reserve. Guardian Pharmacy, founded in 2004, offers technology-enabled services to residents of long-term care facilities and currently operates 50 pharmacies serving 174,000 residents.
The company reported a revenue of $1.05 billion for the full-year 2023, up from $908.9 million the previous year. Revenue is primarily generated from residents in assisted living facilities, behavioral health facilities, and group homes, with a portion coming from skilled nursing facilities.
Despite a net profit decrease from $49.7 million to $37.7 million, Guardian Pharmacy remains a strong player in the healthcare industry. Its shares will trade on the New York Stock Exchange under the ticker symbol "GRDN," with Raymond James, Stephens, and Truist Securities as the underwriters.
Analysis: Guardian Pharmacy's successful IPO and revenue growth indicate a promising future for the company. Investors should consider the potential for long-term growth in the healthcare sector and the company's innovative services as factors to monitor for potential investment opportunities.