Ardent Health, which operates hospitals and healthcare clinics in six states, raised $192 million by offering 12 million shares at $16, well below the range of $20 to $22. The company offered 2.3 million fewer shares than anticipated.
Ardent Health states that it is the fourth largest privately held, for-profit operator of hospitals in the US. The company currently operates in eight mid-sized urban markets across six states, delivering care through a system of 30 acute care hospitals, more than 200 sites of care, and over 1,700 providers, as of March 31, 2024. On average, Ardent cares for more than 15,000 people every day across its healthcare ecosystem, and in 2023, it served approximately 1.2 million unique patients who had approximately 5.7 million visits with its healthcare providers.
Ardent Health plans to list on the NYSE under the symbol ARDT. J.P. Morgan, BofA Securities, Morgan Stanley, Stephens Inc., Citi, Leerink Partners, RBC Capital Markets, Truist Securities, and Mizuho Securities acted as joint bookrunners on the deal.
