Intriguing IPOs: Guardian Pharmacy Services (GRDN)

Bringing the pharmacy to the patient could be a winning formula.

The Alchimist, David Ryckaert III, circa 1649, oil on canvas (Kunsthistorisches Museum Wien)

The IPO market has been slim pickings for the past few months. Several blank check acquisition vehicles and questionable nano caps with overseas addresses have gone public. However, none of those are the kind of companies anyone without a degenerate gambling streak in them would consider touching. I’m sure there is some macroeconomic reason for the paltry rate of offerings (or at least someone can deliver talking points in the media as to why).

Ultimately, macroeconomic reasons for companies deciding to go public or not seems like noise.

A few companies intend to go public this week and appear to have a business behind them (at least based on the amount of money they want to raise). BioAge Labs (NASDAQ: BIOA) is a start-up pharmaceutical that looked much too hard to assess at its current development phase. BKV Corp (NYSE: BKV) is an independent power company with its own natural gas production and transportation infrastructure. Considering oil producers in Texas are paying consumers to take their gas these days, owning gas-only production assets seems less than desirable.

Guardian Pharmacy Services (NYSE: GRDN) is the one IPO that raises some eyebrows this week.

Here are some initial thoughts from the prospectus.

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