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Healthcare services provider BrightSpring Health withdraws estimated $750 million IPO

November 23, 2022
BTSG

BrightSpring Health Services, which provides home and community-based healthcare services, withdrew its plans for an initial public offering on Wednesday. It originally filed in October 2021 with an estimated deal size of $750 million. The company had not updated its prospectus since January.

BrightSpring Health is a home and community-based healthcare services platform, focused on delivering complementary provider and pharmacy services to complex patients. The company has a differentiated approach to care delivery, with a purpose-built and scaled model that addresses the three critical services that the highest-need and highest-cost patients require, focusing on Senior and Specialty patients, which includes Behavioral populations.

The Louisville, KY-based company was founded in 1974 and booked $6.4 billion in revenue for the 12 months ended September 30, 2021. It had planned to list on the Nasdaq under the symbol BTSG. Goldman Sachs, Jefferies, KKR, Credit Suisse, Guggenheim Securities, SVB Leerink, BofA Securities, BMO Capital Markets, Deutsche Bank, HSBC, Mizuho Securities, Morgan Stanley, Wells Fargo Securities, and William Blair were set to be the joint bookrunners on the deal.