Guardian Pharmacy expects to reach $974 mln valuation in IPO

Guardian Pharmacy: On Monday, Guardian Pharmacy Services launched its first IPO in the US market and expects to reach a valuation of $973.5 million in its initial public offering. Because of the expectations that the U.S. Federal Reserve will cut the interest rate soon, more and more companies are planning to be listed.

Guardian Pharmacy IPO plans to raise up to $108 million by issuing 6.75 million shares at a price band of $14 to $16 per equity share. Guardian Pharmacy Service was founded in 2004 and is based in Atlanta, Georgia.

The company offers pharmacy services to long-term care facilities. The company manages a total of 50 pharmacy shops and provides services to 174,000 citizens across 36 states.

In the six months that ended on June 30, Guardian Pharmacy’s revenue went up to $575.4 million against $502.4 million in the same period last year. The company said that more than two-thirds of the company’s revenue over the last three years came from citizens living in group homes, ALFs, and mental health facilities.

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The company reported that it earned $22.9 million during the first half of 2024 compared to $30.2 million in the same period last year.

William Bindley currently the chairman of Guardian Pharmacy was previously known as the founder and CEO of Bindley Western that provided pharmaceutical distribution services. In 2001, Bindley Western was brought by Cardinal Health (CAH.N) for $2.1 billion.

Guardian Pharmacy reported that it plans to use the funds raised from public subscriptions to reduce its debt. The company expects to list its shares under the symbol “GRDN” on the New York Stock Exchange.

The underwriters of the issue are Raymond James, Truist Securities and Stephens Inc.

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