BrightSpring Health Services, which provides home and community-based healthcare services, filed on Monday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO we estimate could raise $800 million.
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 the three critical services that the highest-need and highest-cost patients require, focusing on Senior and Specialty patients, which includes Behavioral populations. BrightSpring's platform provides clinical services, supportive care, and pharmacy solutions in lower-cost home and community settings to Medicare, Medicaid, and commercially-insured populations. The company has a presence in all 50 states, serving over 330,000 patients daily through its approximately 10,000 clinical providers and pharmacists.
The Louisville, KY-based company was founded in 1974 and booked $6.0 billion in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq but has not selected a symbol yet (RC ticker: BSHS.RC). BrightSpring Health Services filed confidentially on July 7, 2021. Goldman Sachs, Jefferies, KKR, Credit Suisse, Guggenheim Securities, SVB Leerink, BofA Securities, BMO Capital Markets, Deutsche Bank, HSBC, Mizuho Securities, Morgan Stanley, Wells Fargo Securities, and William Blair are the joint bookrunners on the deal. No pricing terms were disclosed.
