PACS Group to raise $450 million in US IPO at over $3 billion valuation

(Reuters) - U.S. healthcare company PACS Group set the pricing of its initial public offering at $21 per share, to raise around $450 million, it said on Wednesday.

The company priced its IPO at the mid-point of its previous target range of $20 to $22, valuing it at around $3.1 billion based on the outstanding shares listed in its filing with the U.S. Securities and Exchange Commission.

The firm will debut on the New York Stock Exchange on Thursday under the symbol "PACS".

According to its release, PACS focuses on delivering nursing care through a portfolio of independently operated facilities.

After a two-year dry spell, U.S. IPOs are expected to rebound in 2024 on firming bets of a soft landing for the world's largest economy, although the recovery has been uneven so far.

Since the beginning of the year, Healthcare companies CG Oncology and KKR-backed BrightSpring Health Services have made contrasting market debuts, signaling investors remained cautious.

(Reporting by Mrinmay Dey in Bengaluru; Editing by Varun H K)