KKR-Backed GMR Raises $479 Million After Shrinking IPO

GMR Solutions Inc., an air and ground emergency medical services company that counts KKR & Co. among its backers, raised $479 million in a downsized IPO after revising its target earlier on Tuesday.

The company, known as Global Medical Response, sold nearly 32 million shares, according to a statement that came hours after fixing its initial public offering price at $15 each in a regulatory filing. GMR had offered nearly 32 million shares at $22 to $25 apiece, which would have raised as much as $797.9 million.