The IPO Buzz: PACS Group (PACS) Prices Upsized IPO at $21.00 Mid-Point

PACS Group (PACS) upsized its IPO at pricing to 21.43 million shares – up from 19.05 million shares – and priced the deal at $21.00 – the mid-point of its $20.00-to-$22.00 range – to raise $450.0 million on Wednesday night, April 10, 2024. PACS Group’s stock opened today – Thursday, April 11, 2024 – on the New York Stock Exchange at $23.00 – up $2.00 or up 9.52 percent – from its $21.00 IPO price. The stock rose as high as $23.59. PACS Group was trading at $23.11 – up $2.11 or up 10.05 percent – at around 1:07 p.m. EDT on volume of about 4.31 million shares. (Editor’s Note: Column updated at midday on Thursday, April 11, 2024, to include the stock’s debut on the NYSE today.)

The profitable U.S. nursing home operator went public at a market cap of $3.15 billion.  

Citigroup, J.P. Morgan, Truist Securities and RBC Capital Markets were the joint book-runners. 

Most of the IPO’s proceeds – about $330.0 million – will be used to repay debt under the company’s Amended and Restated 2023 Credit Facility, the prospectus says. At year-end 2023, PACS Group had about $732.53 million in total debt outstanding. 

IPO investors viewed the PACS Group’s IPO as a play on the demographic trend – the aging of the Baby Boomers, who were born in the years from 1946 through 1964.

PACS Group (PACS), based in Farmington, Utah, runs skilled nursing homes and assisted living facilities in nine states.            

“Founded in 2013, we are one of the largest skilled nursing providers in the United States based on number of facilities, with over 200 post-acute care facilities across nine states serving over 20,000 patients daily. We also provide senior care, assisted living, and independent living options in some of our communities.” 

For nursing home operators, there’s a silver lining in the graying of America. PACS Group reported net income of $112.9 million on revenue of $3.1 billion for the year that ended Dec. 31, 2023.  

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