BrightSpring Health Services, which provides home and community-based healthcare services, filed on Tuesday 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 $1 billion. The company previously filed for an IPO in late 2021, but withdrew just over a year after its initial filing.
BrightSpring Health is a home and community-based healthcare services platform, focused on delivering complementary provider and pharmacy services to complex patients. The company has a differentiated approach to care delivery, with a purpose-built and scaled model that addresses critical services that the highest-need and highest-cost patients require, focusing on Senior and Specialty patients, which includes Behavioral populations. BrightSpring has a presence in all 50 states, serving over 400,000 patients daily through its approximately 10,000 clinical providers and pharmacists.
The Louisville, KY-based company was founded in 1974 and booked $8.4 billion in revenue for the 12 months ended September 30, 2023. It plans to list on the Nasdaq under the symbol BTSG. BrightSpring Health Services filed confidentially on August 28, 2023. Goldman Sachs, KKR, Jefferies, Morgan Stanley, UBS Investment Bank, BofA Securities, Guggenheim Securities, and Leerink Partners are the joint bookrunners on the deal. No pricing terms were disclosed.
