Investment Review №343. The return of the bulls
Yerlan Abdikarimov
Head of Financial Analysis Department at Freedom Broker
IPO GMR Solutions Inc. Emergency Medical Services
On April 17, 2026, GMR Solutions Inc. filed for an IPO. The company provides emergency medical and ancillary services in the U.S. The underwriters of the offering are J.P. Morgan, KKR, BofA Securities, Barclays, Goldman Sachs, Citigroup, Evercore ISI, Morgan Stanley, and UBS Investment Bank.
| Issuer | GMR Solutions Inc |
| Ticker | GMRS |
| Exchange | NYSE |
| Underwriters | J.P. Morgan, KKR, BofA Securities, Barclays, Goldman Sachs, Citigroup, Evercore ISI, Morgan Stanley, UBS Investment Bank. |
Investment Potential
Company Profile. GMR Solutions Inc was founded in 2018 through the merger of Air Medical Group Holdings and American Medical Response. Today, GMR is the largest U.S. provider of emergency medical services and one of the largest integrated providers of out-of-hospital care. The company operates in approximately 1,400 counties, reaching more than 60% of the U.S. population, serves about 5.5 million patients annually, and employs more than 24,000 professionals. In 2015, New York–based KKR acquired Air Medical Group Holdings (AMGH), an ambulance helicopter operator, from Bain Capital for $2.09bn. In 2017, after purchasing American Medical Response (AMR) from Envision Healthcare for $2.4bn in cash, KKR merged AMR with AMGH.
Potential Market. The company estimates its addressable market at $18–20bn, up from $14bn in 2018. Management sees additional runway for growth by broadening its service offerings for existing customers and by expanding its customer base.
Financial Performance. Growth slowed from 11% in 2024 to 4% in 2025. EBIT margin expanded from 6% in 2023 to 10% in 2024 and 13% in 2025. Debt represented 65.47% of total assets at year-end 2025.