Ardent Health Partners, an LBO'd operator of 31 acute care hospitals, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise as much as $400 million. The offering is a combination of primary and secondary shares.
The Nashville, TN-based company was founded in 1993 and booked $3.9 billion in historical sales for the 12 months ended September 30, 2018. It plans to list on the NYSE under the symbol ARDT. Ardent Health filed confidentially on October 26, 2018. Barclays, Citi, J.P. Morgan, BofA Merrill Lynch, Credit Suisse, Goldman Sachs and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
