Guardian Pharmacy: Major Financial News with Upcoming IPO
Guardian Pharmacy's IPO Move
Guardian Pharmacy Services, Inc. is preparing to go public, aiming to raise $108 million through a planned initial public offering (IPO) on the New York Stock Exchange, listing under the symbol GRDN. The company is known for its role in the long-term care pharmacy sector, primarily serving elderly populations.
Funding and Company Overview
The IPO will consist of 6.75 million shares priced between $14 and $16 each, with a midpoint valuation of $15. Founded in 2004, Guardian currently operates 50 pharmacies across 36 states, directly competing with companies like Omnicare and PharMerica Corporation.
Financial Performance and Investments
Recent financials indicate a steady revenue increase to $1.05 billion for the year ending December 2023. Funds from the IPO will also support a merger with a subsidiary and enhance operational investments in logistics management, technology, and working capital.
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