Nursing Home Firm PACS Shares Climb 10% After $450 Million IPO

Shares of PACS Group Inc. opened nearly 10% above their initial public offering price, after raising about $450 million in an enlarged initial public offering.

The Farmington, Utah-based company’s shares traded at $23.05 each as of 11:22 a.m. in New York on Thursday after briefly paring gains. The post-acute care facility operator had priced the offering at $21 each, the mid-point of a marketed range, and sold 21.4 million shares, up from the 19.05 million it had planned.

At the IPO price, the company has a market value of about $3.1 billion based on the outstanding shares listed in its ...