Guardian Pharmacy Plans to go public, expects to raise up to $108 mil in US IPO

Guardian Pharmacy: Healthcare IPOs have recorded an increase this year after expectations of interest rate cuts by the US government. The Guardian Pharmacy Services, Inc. is planning to go public soon.

In a filing statement with the Securities and Exchange Commission (SEC), Guardian Pharmacy said that they have received the approval of the SEC to list their shares on the New York Stock Exchange under the symbol “GRDN”.

The Atlanta-based company that provides long-term care healthcare services decided to offer  6.75 million shares and plans to raise up to $108 million through it. The company’s 6.75 million shares will be offered at a price band of $14 to $16 per share.

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After the Guardian Pharmacy IPO launch the company value is expected to rise up to $974 million. The underwriters in the issue are Raymond James, Stephens, Inc., and Truist Securities.

William Bindley founded the Guardian Pharmacy in 2004 and the company currently manages 50 pharmacies and provides service to around 174,000 citizens across 36 states.

Fred Burke is the co-founder, and CEO of Guardian Pharmacy Services, and the company’s competitors are PharMerica Corporation, PharmCareUSA, Remedi SeniorCare, and Omnicare.

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The healthcare company plans to use $55.2 million of raised funds from the issue to fund the total cash section of the merger consideration. The company will combine with a transitory merger subsidiary and will be a wholly-owned subsidiary of Guardian Inc. before the issue.

The company also plans to use $20 million of the funds to clear debts that were made on the line of credit under the current credit facility and the remaining funds will be used to fund general business needs.

The company’s scale of operations has helped it to set up more pharmacies and execute its operations more efficiently.

News.alphastreet.com reported that the company investments include logistics management, revenue cycle management, compliance packaging, disaster recovery business continuity, automated robotic dispensing technology, and pharmacy workflow software.

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