BrightSpring Health Services, which provides home and community-based healthcare services, announced terms for its IPO on Wednesday.
The Louisville, KY-based company plans to raise $880 million by offering 53.3 million shares at a price range of $15 to $18. Concurrent with the IPO, the company is also planning to raise $400 million by offering 8 million tangible equity units at $50 per unit, with each unit containing a prepaid stock purchase contract and a senior amortizing note due February 1, 2027. At the midpoint of the proposed range, BrightSpring Health Services would command a fully diluted market value of over $3 billion.
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.
BrightSpring Health Services 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. Goldman Sachs, KKR, Jefferies, Morgan Stanley, UBS Investment Bank, BofA Securities, Guggenheim Securities, and Leerink Partners are the joint bookrunners on the deal. It is expected to price during the week of January 22, 2024.
