PACS Group, a post-acute care provider with more than 200 nursing facilities across the US, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $500 million.
PACS Group is a post-acute healthcare company primarily focused on delivering skilled nursing care through a portfolio of independently operated facilities. The company states that it is one of the largest skilled nursing providers in the US by number of facilities, with 208 post-acute care facilities across nine states serving over 20,000 patients daily. PACS also provides senior care, assisted living, and independent living options in some of its communities.
The Farmington, UT-based company was founded in 2013 and booked $3.1 billion in revenue for the 12 months ended December 31, 2023. It plans to list on the NYSE under the symbol PACS. PACS Group filed confidentially on December 8, 2023. Citi, J.P. Morgan, Truist Securities, and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
