Brentwood, Tenn.-based Ardent Health is seeking a valuation of $3.15 billion for its initial public offering, according to Reuters.
The large for-profit health system in the U.S. aims to sell 14.3 million shares at $20 to $22 per share to raise $3.14 million. Ardent has 30 acute care hospitals and more than 200 sites of care spanning Texas, Kansas, New Mexico, Oklahoma, Idaho and New Jersey.
Ardent is also a large employer with more than 24,000 team members, including 1,700-plus providers.
The health system will list on the New York Stock Exchange under the ARDT symbol. Ardent will use the proceeds for the offering to repay existing debt and general corporate purposes.
Lead book-running managers for the IPO, filed June 21, are J.P. Morgan, BofA Securities, and Morgan Stanley.