May 13 (Reuters) - Shares of GMR Solutions fell 10% in their New York Stock Exchange debut on Wednesday, valuing the KKR-backed emergency medical services provider at $3 billion.
The Lewisville, Texas-based company's stock opened at $13.50 apiece, compared with the $15 offer price. It sold about 31.9 million shares in its IPO to raise $478.7 million.
The debut comes after GMR, better known as Global Medical Response, slashed the deal size on Tuesday and sold shares well below its initial marketed range of $22 to $25 apiece, as investors remain cautious toward new listings.
Analysts say the recent IPO pickup remains somewhat precarious, with investors still disciplined on valuations and happy to pass over less-exciting stories.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Joyjeet Das and Vijay Kishore)
