Vanguard Health Systems, Inc., which operates 26 acute care and specialty hospitals in five US states, announced terms for its IPO on Monday. The Nashville, TN-based company plans to raise $550 million by offering 25 million shares at a price range of $21 to $23. At the mid-point of the proposed range, Vanguard will command a market value of $1.6 billion. Vanguard, which was founded in 1997 and booked $4.2 billion in sales for the 12 months ended March 31, 2011, plans to list on the NYSE under the symbol VHS. BofA Merrill Lynch, Barclays Capital, and Citi are the lead underwriters on the deal, which is expected to price during the week of June 20.
