Nursing Home Operator PACS Raises $450 Million in IPO (1)

PACS Group Inc. raised $450 million in an initial public offering, pricing its stock at the mid-point of a marketed range and increasing the number of shares sold.

The Farmington, Utah-based post-acute care facility operator sold 21.4 million shares Wednesday for $21 each, according to a statement confirming a report by Bloomberg News. PACS Group had marketed 19.05 million shares for $20 to $22 each.

At $21 a share, the company would have a market value of at least $3.1 billion based on the outstanding shares listed in its filings with the US Securities and Exchange Commission.

Founded in 2013 ...