Hospital chain Ardent Health Partners (ARDT Proposed) hopes the second time around for its IPO will be just what the doctor ordered. Ardent Health Partners disclosed the terms for its IPO – 14.3 million shares at a price range of $20.00 to $22.00 to raise $300.3 million, if priced at the $21.00 mid-point, according to an S-1/A filing after the closing bell on Monday, July 8, 2024. This IPO – set for pricing next week to trade on the NYSE – represents Ardent Health Partners’ second attempt to go public. The profitable company withdrew its original IPO plans in January 2020.
Ardent Health Partners would have a market cap of about $3.01 billion, assuming mid-point pricing at $21.00.
J.P. Morgan, BofA Securities, Morgan Stanley and Stephens Inc. are leading the joint book-runners’ team, which includes Citigroup, Leerink, RBC Capital Markets, Truist Securities and Mizuho.
Ardent Health Partners, based in Brentwood, Tennessee, is the fourth-largest privately held for-profit operator of hospitals in the U.S., the prospectus says. The company operates in eight growing mid-sized urban markets across six states – Texas, Oklahoma, New Mexico, New Jersey, Idaho and Kansas. Ardent Health runs 30 acute care hospitals and more than 200 sites of care with over 1,700 providers who are either employed by or affiliated with the company, as of March 31, 2024, the prospectus says.
Founded in 2001, Ardent Health Partners is also a leading provider of healthcare services in the U.S. The company’s network includes 146 primary care and specialty care clinics, three ambulatory surgery centers, 22 urgent care centers, two free-standing emergency departments, and 10 diagnostic imaging centers, according to the prospectus. Ardent also offers telehealth services.
For the 12 months that ended March 31, 2024, Ardent Health Partners reported net income of $151.05 million on revenue of $5.53 billion.
