Healthcare Company Guardian Pharmacy Collects $112M from its US IPO

Guardian Pharmacy has risen $112M in its U.S IPO while achieving a valuation of $869.3M. Financial revenue from pharmacy services for the Atlanta firm is now $1.05B.

A long-term care facility pharmacy services provider called Guardian Pharmacy successfully raised $112 million in its U.S. initial public offering (IPO) on Wednesday, thereby giving the company a valuation of about $869.3 million.

The firm, which is Allied Healthcare Services, Atlanta based in Georgia, sold 8 million shares of Class a common stock priced at $14 lower than the expected pricing range of 14 to 16.

In the US, the IPO market is recovering because of likely changes in monetary policy and a better economic forecast. Although there has been recovery, investors show a continuing aversion to risk, leaning more towards firms with solid balance sheets than those with indecisive cash flow. Due to two years of poor performance by previous IPOs, investors made their decisions cautiously.

Guardian Pharmacy, which came into existence in 2004, has self-adopted the use of technology in its service delivery to improve care for the population in long-term healthcare. On June 30, the company was operating 50 pharmacies to cater to approximately 174,000 residents.

Guardian Pharmacy's revenue grew in 2023, reaching a total of $1.05 billion as opposed to the $908.9 million earned summarily in the previous year. More than sixty percent of their profits are attributed to the residents in assisted living & behavioral health centers, group homes while the rest comes from skilled nursing facilities.

The company recorded $37.7 million in profit in the net income line for 2023, after previously documenting $49.7 million as profit.

Historically, shares of Guardian Pharmacy will be listed on the NYSE and will be traded with the tickers “GRDN”, other investment banks which are involved in the offer with Guardian will be Raymond James, Stephens and Truist Securities.