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Hospital operator Ardent Health files for an estimated $500 million IPO

June 21, 2024

Ardent Health, which operates hospitals and health care clinics in six states, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $500 million.

Ardent Health states that it is the fourth largest privately held, for-profit operator of hospitals in the US. The company currently operates in eight mid-sized urban markets across six states, delivering care through a system of 30 acute care hospitals, more than 200 sites of care, and over 1,700 providers, as of March 31, 2024.

The Brentwood, TN-based company was founded in 1993 and booked $5.5 billion in revenue for the 12 months ended March 31, 2024. It plans to list on the NYSE under the symbol ARDT. J.P. Morgan, BofA Securities, Morgan Stanley, Stephens Inc., Citi, Leerink Partners, RBC Capital Markets, Truist Securities, and Mizuho Securities are the joint bookrunners on the deal. No pricing terms were disclosed.