PACS Group, a post-acute care provider with more than 200 nursing facilities across the US, raised $450 million by offering 21.4 million shares at $21, within the range of $20 to $22. The company offered 2.4 million more shares than anticipated.
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. As of December 31, 2023, it leased 165 facilities, directly owned the real estate at 29 facilities, and owned partial interests in an additional 14 facilities through joint ventures managed by third parties. PACS also provides senior care, assisted living, and independent living options in some of its communities.
PACS Group plans to list on the NYSE under the symbol PACS. Citi, J.P. Morgan, Truist Securities, RBC Capital Markets, and Goldman Sachs acted as joint bookrunners on the deal.
