In a deal running alongside the IPO, investment vehicles tied to KKR, Ares Management, and HPS — the credit platform owned by BlackRock $BLK — have committed to purchasing $350 million worth of private placement warrants, the company said. GMR intends to use proceeds from the offering to redeem certain outstanding preferred stock, with remaining proceeds — combined with the private placement funds and cash on hand — going toward repaying a portion of borrowings under a term loan due 2032.
After the IPO, KKR will retain majority voting power, making GMR a "controlled company" under NYSE governance standards.
Ranked as the top emergency medical services provider in the country, GMR deploys air and ground ambulances capable of reaching patients in every state, Bloomberg reported. The company's service footprint reaches over 60% of the U.S. population, and its more than 24,000 clinicians respond to roughly 5.5 million patient encounters each year.
Two deals formed the backbone of GMR's current structure: a 2015 purchase of Air Medical Group Holdings — a helicopter ambulance operator whose prior backers included Bain Capital — for approximately $2.09 billion, followed by the $2.4 billion acquisition of ground transport operator American Medical Response from Envision Healthcare, after which the two businesses were merged, Bloomberg reported. GMR completed a $5.4 billion refinancing in 2025, according to Reuters.
The company's most recent annual results showed a sharp improvement in profitability: revenue came in at $5.74 billion with net income of $206.2 million in 2025, a dramatic swing from the $20.4 million profit recorded against $5.98 billion in revenue the prior year, Bloomberg reported.
J.P. Morgan, KKR Capital Markets, and BofA Securities are among the underwriters for the offering, the company said.
