Guardian Pharmacy Services (GRDN Proposed) unveiled the terms for its $101.3 million IPO today – Monday, Sept. 16, 2024 – and launched the deal for pricing next week. The Atlanta-based pharmacy services company is offering 6.75 million shares at a price range of $14.00 to $16.00 to raise $101.25 million, if priced at the $15.00 mid-point. Under those terms, Guardian Pharmacy Services would have a market cap of $912.66 million. This is a New York Stock Exchange listing.
Raymond James, Stifel and Truist Securities are the joint book-runners.
The IPO is expected to price during the week of Sept. 23, 2024.
Guardian Pharmacy Services ran 50 pharmacies serving 174,000 residents in about 6,700 long-term-care facilities (LTCFs) across 36 states, as of June 30, 2024, according to the prospectus. Those long-term-care facilities included assisted living facilities and behavioral health facilities and group homes as well as skilled nursing facilities, the prospectus said.
For the year that ended Dec. 31, 2023, Guardian Pharmacy Services reported a net profit of $37.7 million on revenue of about $1.046 billion, according to the prospectus.