(Reuters) -Guardian Pharmacy's shares rose 3.3% in their NYSE debut on Thursday, giving the healthcare firm a market valuation of about $880 million, as investors remained selective about new listings.
Shares of the Atlanta, Georgia-based firm debuted at $14.46, compared to their initial public offering price of $14.
Founded in 2004, Guardian Pharmacy joins a slew of companies going public after two years of dismal IPO activity in the country, as the U.S. Federal Reserve continues to ease interest rates. Investors, however, have been cautious about their bets, with those burning cash seen as least favored.
The company, which offers a suite of technology-enabled services to help residents of long-term healthcare facilities, raised $112 million on Wednesday by selling 8 million shares of Class A common stock at the low end of its targeted range of $14-$16 each.
Residents in assisted living facilities, behavioral health facilities and group homes accounted for more than two-thirds of its annual revenue over the past three years, it reported. As of June 30, it was operating 50 pharmacies serving about 174,000 residents.
Guardian Pharmacy counts investment firms Bindley Capital Partners and Cardinal Equity Partners among its backers.