Yahoo Finance Equity Group-Backed Ardent Health Files for IPO in Second Try
(Bloomberg) -- Hospital operator Ardent Health Partners Inc., whose majority owner is Equity Group Investments, has filed again for an initial public offering.
Most Read from Bloomberg
How Long Will High Rates Last? Bond Markets Say Maybe Forever
Russia Is Storing Up a Crime Wave When Its War on Ukraine Ends
CDK Hackers Want Millions in Ransom to End Car Dealership Outage
Tennessee-based Ardent filed Friday with the US Securities and Exchange Commission after abandoning a previous IPO plan four years ago. Ardent won’t disclose proposed terms for the share sale until a later filing.
Ardent could seek to raise $400 million or more in the offering, with the company valued at about $5 billion, Bloomberg News reported this month.
In Friday’s filing, Ardent disclosed net income of $45.9 million on revenue of $1.4 billion for the three months ended March 31. That compares with $23.8 million in net income on revenue of $1.3 billion during the same period in 2023.
Ardent filed in 2018 to go public but withdrew that plan in 2020.
EGI, the firm founded by Sam Zell, the billionaire investor who died last year, partnered with health-care real estate investment trust Ventas to acquire Ardent in 2015, according to EGI’s website. Ventas took ownership of Ardent’s real estate, and EGI, along with several capital partners, acquired Ardent’s operations and entered into a long-term master lease with Ventas.
Ardent’s IPO is being led by JPMorgan Chase & Co., Bank of America Corp. and Morgan Stanley. The company plans for its shares to trade on the New York Stock Exchange under the symbol ARDT.
Most Read from Bloomberg Businessweek
©2024 Bloomberg L.P.
