Guardian Pharmacy Services, which provides pharmacy services to long-term healthcare facilities, announced terms for its IPO on Monday.
The Atlanta, GA-based company plans to raise $101 million by offering 6.75 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Guardian Pharmacy Services would command a market value of $913 million.
Guardian provides pharmacy services to long-term healthcare facilities (LTCFs) in 36 states. Its services include automatic robotic drug dispensing and delivery, as well as value-services designed to facilitate successful drug administration, such as billing, managing patient profiles, integrating drug plans with facility records, and providing training to caretakers. As of 6/30/24, it owned 50 locally-run pharmacies which served 174,000 residents at 6,700 LTCFs, primarily assisted living facilities, behavioral health facilities and group homes, and skilled nursing facilities.
Guardian Pharmacy Services was founded in 2003 and booked $1.1 billion in sales for the 12 months ended June 30, 2024. It plans to list on the NYSE under the symbol GRDN. Raymond James, Stephens Inc., and Truist Securities are the joint bookrunners on the deal. It is expected to price during the week of September 23, 2024.
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