Global Medical Response, a provider of emergency medical services backed by KKR, filed for an initial public offering in the United States on Friday, joining a growing line of companies looking to take advantage of buoyant stock markets as risk appetite improves.
The filing 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 U.S. 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.
The IPO would mark a milestone for KKR, which has 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 like KKR, Ares, and HPS are expected to purchase warrants at the IPO price as part of a concurrent private placement.
Global Medical Response offers air and ground emergency ambulance services across the U.S., operating a wide fleet of helicopters and fixed-wing aircraft, as well as ground ambulances, according to its SEC filing.
The company has focused on expanding its footprint through consolidating the fragmented emergency medical services sector, positioning itself as one of the largest providers in North America.
Based 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 net income 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.”
