Brentwood, Tenn.-based Ardent Health raised about $192 million in a downsized initial public offering, Bloomberg reported July 18.
The for-profit health system sold 12 million shares at $16 per share on July 17, giving it a market value of about $2.2 billion, according to the report. The company had aimed to sell 14.3 million shares at $20 to $22 per share to raise $3.14 billion.
Ardent said it plans to use the proceeds from its IPO to support growth by acquiring complementary businesses, products, services or technologies and for general corporate purposes, including repayment of debt and capital expenditures.
The system has 30 acute care hospitals and more than 200 sites of care spanning Texas, Kansas, New Mexico, Oklahoma, Idaho and New Jersey.
Ardent had a net income of $129 million on revenue of $5.4 billion in 2023, according to the report. In 2022, the system had a net income of $265 million on revenue of $5.1 billion.