BUZZ-KKR-backed ambulance giant GMR opens in the red in New York debut

GMR Solutions, Inc. Class A

GMR Solutions, Inc. Class A

GMRS

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Updates

** Shares of emergency medical services provider GMR Solutions GMRS.N fall as much as 11.9% in New York debut

** Stock opened at $13.50 apiece vs offer price of $15, valuing the firm at $3 billion

** Lewisville, Texas-based GMR sold about 31.9 million shares, well below initial marketed range of $22 to $25 apiece to raise $478.7 million in IPO

** GMR had slashed its IPO price on Tuesday

** Known as Global Medical Response, GMR is a heavyweight in providing essential emergency medical services, with operations spanning roughly 1,400 U.S. counties

** GMR was formed in 2018 by combining investment firm KKR's KKR.N portfolio companies Air Medical and American Medical Response

** J.P. Morgan, KKR Capital Markets and BofA Securities were active bookrunners


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