Global Medical Response, also known as GMR Solutions, said on Monday it is targeting a valuation of up to $5 billion in its U.S. initial public offering as the momentum in new listings continues into May.
The Lewisville, Texas-based company is aiming to raise up to $797.9 million by offering 31.9 million shares priced between $22 and $25 each.
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The IPO market saw a strong rebound last month after a brief slowdown in March, as improved optimism around the Middle East conflict encouraged companies to move forward with their listing plans.
April turned out to be one of the strongest months for the IPO market in recent years, with several large companies launching offerings worth over $1 billion, according to Renaissance Capital.
Meanwhile, AI chip company Cerebras also began its roadshow for a New York IPO on Monday, a move that could boost momentum across the broader listings market.
“If it (Cerebras) performs well, it’ll even help the listing environment for non-AI companies,” said Matt Kennedy, senior strategist at Renaissance Capital.
“Every strong performer and each week of market stability brings us closer to the IPO wave we’ve been anticipating.”
KKR-BACKED HEAVYWEIGHT
KKR acquired air ambulance provider Air Medical Group Holdings in 2015 from Bain Capital in a deal valued at around $2 billion. In 2018, the New York-based firm merged Air Medical with American Medical Response which it had purchased from Envision Healthcare for $2.4 billion—to create Global Medical Response.
GMR, which completed a $5.4 billion refinancing in 2025, has grown into a major provider of emergency medical services, operating across roughly 1,400 counties in the United States. Funds affiliated with KKR, Ares Management, and HPS Investment Partners are expected to purchase $350 million worth of private placement warrants.
Investment banks including J.P. Morgan, KKR, and Bank of America Securities are acting as underwriters. GMR Solutions plans to list on the New York Stock Exchange under the ticker symbol “GMRS.”
