12:22 PM EDT, 04/11/2024 (MT Newswires) -- PACS Group ( PACS ) was advancing in its debut Thursday on the New York Stock Exchange after the health care properties manager priced an upsized initial public offering of about 21.4 million common shares at $21 apiece, generating around $450 million in gross proceeds.

The company said most of the net proceeds will be used to pay down existing debt, according to the IPO prospectus.

Company founders Jason Murray and Mark Hancock also are making almost 2.9 million of their shares available for sale through a 30-day option to cover potential overallotments by underwriters for the deal. PACS Group ( PACS ) said it will not receive any proceeds if the overallotment option is exercised in part or full.

PACS Group ( PACS ) shares opened at $23 apiece Thursday morning and climbed as high as $23.59 before easing slightly to their current range. Shares were 10.2% up in recent trading.

Price: 23.15, Change: +2.15, Percent Change: +10.21