Guardian Pharmacy IPO: Aiming for $108 Million on the New York Stock Exchange
Overview of Guardian Pharmacy IPO
Guardian Pharmacy Services, Inc. has officially announced its plans to go public, aiming for a substantial $108 million in its upcoming initial public offering (IPO) on the New York Stock Exchange, utilizing the ticker symbol GRDN.
Key Financial Details
The company intends to issue 6.75 million shares at an offer price between $14 and $16, gauging interest with a midpoint of $15. This move is expected to value Guardian at approximately $974 million.
Competitive Landscape
Founded in 2004, Guardian operates 50 pharmacies that serve around 174,000 residents across 36 states. Key competitors include Omnicare, PharMerica Corporation, Remedi SeniorCare, and PharmCareUSA, highlighting Guardian's significant market position.
Use of Proceeds
The management team, led by Fred Burke, plans to allocate $55.2 million from the IPO proceeds for merger-related activities, with an additional $20 million reserved for debt repayment. Remaining funds will support general corporate operations and working capital requirements.
Financial Performance
In 2023, Guardian reported revenues of $1.05 billion, double the amount from five years prior. Adjusted EBITDA showed an increase to $76.2 million, up from $65.7 million in the previous year, showcasing impressive growth potential.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.