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Hospital operator Ardent Health sets terms for $300 million IPO

July 8, 2024

Ardent Health, which operates hospitals and healthcare clinics in six states, announced terms for its IPO on Monday.

The Brentwood, TN-based company plans to raise $300 million by offering 14.3 million shares at a price range of $20 to $22. At the midpoint of the proposed range, Ardent Health would command a market value of $3.0 billion.

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. On average, Ardent cares for more than 15,000 people every day across its healthcare ecosystem, and in 2023, it served approximately 1.2 million unique patients who had approximately 5.7 million visits with its healthcare providers.

Ardent Health 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. It is expected to price during the week of July 15, 2024.