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Post-acute care provider PACS Group (NYSE: PACS) debuted on NYSE today at $23 after pricing at $21 per share.

Why it matters: PACS is the second IPO in the post-acute health care sector this year.

By the numbers: The deal raised $450 million at a valuation of $3.1 billion.

The company reported $113 million in 2023 profit on $3.1 billion in revenue.

Catch up quick: The shares are trading above the $21 pricing PACS set earlier today.

How it works: Farmington, Utah-based PACS acquires underperforming custodial care facilities to convert into "higher value short-term transitional care facilities."

PACS leases and owns more than 200 facilities across nine states, which include skilled nursing facilities, assisted living and independent living.

State of play: PACS' closest comparable is BrightSpring Health, which went public in January and is trading at $10.17 a share at time of writing.

The bottom line: The IPO market has been a mixed bag so far across sectors, but there's clear pent-up appetite from investors for new stocks.

PACS Group prices upsized IPO

It's the second IPO in the post-acute health care sector this year.

Illustration of the Wall Street bull wearing a stethoscope. 

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Post-acute care provider <a class="gtmContentClick" data-vars-link-text="PACS Group" data-vars-click-url="https://link.axios.com/click/35002881.49/aHR0cHM6Ly93d3cuYXhpb3MuY29tL3Byby9oZWFsdGgtdGVjaC1kZWFscy9uZXdzbGV0dGVycy8yMDI0LzA0LzAyL2hlYWx0aC10ZWNoLWhjaXQtaGVhdHMtdXA_dXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPXNlbmR0b19wcm9uZXdzbGV0dGVydGVzdCZzdHJlYW09dG9w/63d7efa24889932dcb08ba1cB70f58cbd" data-vars-content-id="ab39ecc2-33f3-45d4-b880-e2dd22f5a5fd" data-vars-headline="PACS Group prices upsized IPO" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/35002881.49/aHR0cHM6Ly93d3cuYXhpb3MuY29tL3Byby9oZWFsdGgtdGVjaC1kZWFscy9uZXdzbGV0dGVycy8yMDI0LzA0LzAyL2hlYWx0aC10ZWNoLWhjaXQtaGVhdHMtdXA_dXRtX3NvdXJjZT1uZXdzbGV0dGVyJnV0bV9tZWRpdW09ZW1haWwmdXRtX2NhbXBhaWduPXNlbmR0b19wcm9uZXdzbGV0dGVydGVzdCZzdHJlYW09dG9w/63d7efa24889932dcb08ba1cB70f58cbd" target="_self">PACS Group</a> (NYSE: PACS) debuted on NYSE today at $23 after pricing at $21 per share.Why it matters: PACS is the second IPO in the post-acute health care sector this year.

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PACS Group prices upsized IPO

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