UPDATE 1-KKR-backed GMR slashes IPO price for New York listing
Ares Management Corporation ARES | 0.00 | |
KKR & Co KKR | 0.00 |
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May 12 (Reuters) - Emergency medical services provider GMR Solutions on Tuesday slashed the proposed offer price for its U.S. initial public offering.
The Lewisville, Texas-based company, known as Global Medical Response, is now marketing 31.9 million shares at $15 apiece, well below its earlier proposed range of $22 to $25 apiece.
Funds affiliated with investment firms KKR KKR.N, Ares ARES.N and HPS are expected to buy $500 million of private placement warrants. They had earlier planned on buying $350 million of private placement warrants.
GMR is expected to price its IPO later on Tuesday and begin trading on the New York Stock Exchange on Wednesday under the symbol "GMRS".
J.P. Morgan, KKR and BofA Securities are among the underwriters on the offering.