KKR-backed Global Medical Response files for US IPO

April 17 (Reuters) - KKR-backed emergency medical services provider Global Medical Response filed for an initial public offering in the U.S. on Friday, joining a growing queue of companies seeking to tap equity markets as risk appetite improves.

The filing comes as global markets hover near record highs, buoyed by easing geopolitical tensions after Iran's move to reopen the Strait of Hormuz following a 10-day truce, which has helped steady oil prices and revive investor confidence.

The broader U.S. IPO market had slowed in recent months as concerns over potential disruption from generative AI and volatility linked to the Middle East conflict kept new issuers on the sidelines, though activity is now beginning to pick up.

The IPO would mark a key monetisation step 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.

Funds affiliated with each of KKR, Ares and HPS are expected to purchase private placement warrants at the IPO price in 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 alongside ground ambulances, according to its filing with the U.S. 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.

The Lewisville, Texas-based company reported a net profit of $206.2 million on revenue of $5.74 billion for the year ended December 2025, compared with 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 underwriters for the offering.

Global Medical Response intends to list its shares on the New York Stock Exchange under the symbol "GMRS".