Guardian Pharmacy Services, Inc. Announces Pricing of Upsized Initial Public Offering

Rhea-AI Summary

Guardian Pharmacy Services announced the pricing of its upsized initial public offering (IPO) of 8,000,000 shares of Class A common stock at $14.00 per share. The company has granted underwriters a 30-day option to purchase up to 1,200,000 additional shares at the public offering price, less the underwriting discount. Trading is expected to begin on the New York Stock Exchange on September 26, 2024, under the symbol "GRDN". The offering is set to close on September 27, 2024, subject to customary conditions.

Raymond James is the lead bookrunning manager and representative of the underwriters, with Stephens Inc. and Truist Securities acting as joint bookrunning managers. A registration statement on Form S-1 for the offering was declared effective by the SEC on September 25, 2024.

Positive

• Upsized IPO of 8,000,000 shares priced at $14.00 per share
• Option for underwriters to purchase additional 1,200,000 shares
• Listing on the New York Stock Exchange
• Support from reputable underwriters (Raymond James, Stephens Inc., Truist Securities)

Negative

• Potential dilution of existing shareholders' ownership
• Market volatility risk for newly listed stocks

Insights

Financial Analyst

Guardian Pharmacy Services' upsized IPO of 8 million shares at $14 per share is a significant market entry, potentially raising $112 million before expenses. The additional 1.2 million share option could boost proceeds by $16.8 million if fully exercised. This capital influx will likely strengthen Guardian's financial position and fund growth initiatives.

The pricing at $14 per share suggests moderate investor appetite, falling within the typical range for healthcare services IPOs. The upsizing indicates strong demand, which could bode well for initial trading performance. However, investors should note that IPO stocks can be volatile in early trading.

Guardian's choice of NYSE listing (symbol: GRDN) provides exposure to a broad investor base and enhanced liquidity. The involvement of reputable underwriters like Raymond James, Stephens Inc. and Truist Securities lends credibility to the offering. Post-IPO, watch for how Guardian deploys capital and executes its growth strategy in the competitive pharmacy services sector.

Market Research Analyst

Guardian Pharmacy Services' IPO reflects growing investor interest in the pharmacy services sector, particularly in specialized areas like long-term care facilities. The successful pricing and upsizing suggest a positive market reception, which could pave the way for other players in this space to consider public offerings.

The timing of this IPO is noteworthy, coming amidst a challenging market for new listings. Guardian's ability to proceed indicates confidence in its business model and growth prospects. Investors appear to be recognizing the potential in pharmacy services that cater to an aging population and complex healthcare needs.

Post-IPO, Guardian will face increased scrutiny and pressure to deliver growth. Key metrics to watch include revenue growth, market share expansion and profitability improvements. The company's performance could serve as a bellwether for the sector, influencing investor sentiment towards similar businesses. Long-term success will depend on Guardian's ability to navigate regulatory changes, technological advancements and evolving healthcare delivery models.

ATLANTA--(BUSINESS WIRE)-- Guardian Pharmacy Services, Inc. (“Guardian”) today announced the pricing of its upsized initial public offering of 8,000,000 shares of Class A common stock at a public offering price of $14.00 per share. In addition, Guardian has granted the underwriters a 30-day option to purchase up to 1,200,000 additional shares of Class A common stock at the public offering price, less the underwriting discount.

The shares are expected to begin trading on the New York Stock Exchange (“NYSE”) on September 26, 2024, under the symbol “GRDN.” The offering is expected to close on September 27, 2024, subject to customary closing conditions.

Raymond James is acting as lead bookrunning manager and as representative of the underwriters for the offering. Stephens Inc. and Truist Securities are acting as joint bookrunning managers for the offering.

A registration statement on Form S-1 relating to the offering was declared effective by the U.S. Securities and Exchange Commission on September 25, 2024. The offering is being made solely by means of a prospectus. Once available, copies of the final prospectus may be obtained from: Raymond James & Associates, Inc., Attention: Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Florida 33716, by telephone at (800) 248-8863, or by email at prospectus@raymondjames.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, and shall not constitute an offer, solicitation, or sale in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

About Guardian Pharmacy Services

Guardian Pharmacy Services is a leading long-term care pharmacy services company that provides an extensive suite of technology-enabled services designed to help residents of long-term health care facilities (“LTCFs”) adhere to their appropriate drug regimen, which in turn helps reduce the cost of care and improve clinical outcomes. As of June 30, 2024, our 50 pharmacies served approximately 174,000 residents in approximately 6,700 LTCFs across 36 states.

Forward-Looking and Cautionary Statements

This press release contains forward-looking statements regarding the initial public offering. Forward-looking statements include all statements that are not historical facts. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “propose,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates” and similar expressions are often, but not always, used to identify these forward-looking statements. These forward-looking statements include any statements regarding the proposed issuance and sale, and anticipated listing on NYSE, of Guardian’s Class A common stock, and statements regarding the expected timing and closing of the initial public offering. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including those described under “Risk Factors” in Guardian’s registration statement on Form S-1 relating to the offering. Except as required by law, Guardian has no obligation to update any of these forward-looking statements to conform these statements to actual results or revised expectations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240925078188/en/

GuardianPharmacyIR@westwicke.com

Source: Guardian Pharmacy Services, Inc.

FAQ

When will Guardian Pharmacy Services (GRDN) start trading on the NYSE?

Guardian Pharmacy Services (GRDN) is expected to begin trading on the New York Stock Exchange on September 26, 2024.

What is the IPO price for Guardian Pharmacy Services (GRDN) shares?

The initial public offering price for Guardian Pharmacy Services (GRDN) shares is $14.00 per share.

How many shares are being offered in Guardian Pharmacy Services' (GRDN) IPO?

Guardian Pharmacy Services (GRDN) is offering 8,000,000 shares of Class A common stock in its initial public offering, with an option for underwriters to purchase up to 1,200,000 additional shares.

When is the expected closing date for Guardian Pharmacy Services' (GRDN) IPO?

The initial public offering for Guardian Pharmacy Services (GRDN) is expected to close on September 27, 2024, subject to customary closing conditions.