GMR Solutions (GMR) said late Tuesday that it has priced its initial public offering at $15 per share, raising capital through the sale of nearly 31.9 million Class A shares.

The stock is set to begin trading on the New York Stock Exchange on May 13 under the ticker "GMRS," with the offering expected to close a day later, GMR said.

Underwriters have the option to purchase an additional 4.78 million shares, it added.

The company plans to use proceeds to redeem Series B preferred shares and repay part of its outstanding debt, alongside funds from a separate $500 million private placement, the company said.