Global Medical Response, a provider of emergency medical services backed by KKR, has filed for an initial public offering in the United States on Friday, joining a growing line of companies looking to tap into the stock markets as risk appetite improves.
This move comes as global markets hit record highs, supported by easing geopolitical tensions after Iran’s decision to reopen the Strait of Hormuz following a ten-day truce, which helped stabilize oil prices and boost investor confidence.
The American IPO market has slowed in recent months, with concerns about potential disruptions from AI and volatility related to the Middle East conflict keeping new issuers at bay, but activity is starting to pick up now.
The IPO would mark a milestone for KKR, which built Global Medical Response through a series of acquisitions, including Air Medical Group Holdings for $2.09 billion in 2015 and American Medical Response for $2.4 billion in 2017.
Affiliated funds to KKR, Ares, and HPS are expected to purchase warrants at the IPO price as part of a concurrent private placement.
Global Medical Response provides emergency air and ground ambulance services across the United States, operating a large fleet of helicopters and fixed-wing aircraft, as well as ground ambulances, according to its filing with the Securities and Exchange Commission.
The company has focused on expanding its footprint through consolidation in the fragmented emergency medical services sector, positioning itself as one of the largest providers in North America.
Headquartered in Lewisville, Texas, the company reported a net income of $206.2 million on revenue of $5.74 billion for the fiscal year ending in December 2025, compared to a profit of $20.4 million on revenue of $5.98 billion a year earlier.
J.P. Morgan, KKR, BofA Securities, Barclays, and Goldman Sachs are among the lead underwriters for the offering.
Global Medical Response intends to list its shares on the New York Stock Exchange under the symbol “GMRS.”
