(Bloomberg) -- PACS Group Inc. raised $450 million in an initial public offering, pricing its stock at the mid-point of a marketed range and increasing the number of shares sold.

The Farmington, Utah-based post-acute care facility operator sold 21.4 million shares Wednesday for $21 each, according to a statement confirming a report by Bloomberg News. PACS Group had marketed 19.05 million shares for $20 to $22 each. 

At $21 a share, the company would have a market value of at least $3.1 billion based on the outstanding shares listed in its filings with the US Securities and Exchange Commission.

Founded in 2013 with two skilled nursing facilities in San Diego, the company now has more than 200 post-acute care facilities across nine states, the filings show.

PACS Group had net income of $112.9 million on revenue of $3.1 billion in 2023, compared with net income of $150.5 million on revenue of $2.4 billion a year earlier, according to the filing.

Co-founders Jason Murray and Mark Hancock granted the underwriters an over-allotment option of as many as 2.9 million shares, the filings show. Murray and Hancock had owned the company outright, and will hold 43.6% of the shares each following the IPO if the over-allotment option isn’t exercised.

The offering is being led by Citigroup Inc., JPMorgan Chase & Co. and Truist Financial Corp. PACS Group shares begin trading Thursday on the New York Stock Exchange under the symbol PACS.

(Updates with company statement in second paragraph.)

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