Ardent Health Partners’ $192m IPO breaks ground—What this means for the future of U.S. healthcare

Ardent Health Partners, Inc. (NYSE: ARDT), a prominent healthcare provider for midsize urban communities across the United States, has successfully closed its initial public offering (IPO). The company offered 12,000,000 shares of its common stock at $16 per share, generating approximately $192 million in gross proceeds before underwriting discounts, commissions, and other offering expenses. Additionally, Ardent Health has granted underwriters a 30-day option to purchase up to 1,800,000 additional shares at the public offering price, less underwriting fees.

The net proceeds from the IPO will be utilized for various purposes including working capital, acquisitions of complementary businesses, products, services, or technologies, and for general corporate needs. This may involve debt repayment and capital expenditures. Ardent Health’s common stock began trading on the New York Stock Exchange under the ticker symbol “ARDT” on July 18, 2024.

J.P. Morgan, BofA Securities, and Morgan Stanley served as the lead book-running managers for the IPO. Stephens Inc., Citigroup, Leerink Partners, RBC Capital Markets, Truist Securities, and Mizuho acted as bookrunners, while Capital One Securities and Loop Capital Markets took on roles as co-managers.

Ardent Health Partners operates as a leading provider of healthcare services in growing midsize urban areas across the United States. The company manages a network comprising 30 acute care hospitals and over 200 care sites, supported by more than 1,700 healthcare providers in six states. Ardent Health focuses on enhancing healthcare delivery through investment in innovative services and technologies, with a commitment to improving accessibility and quality of care.

The successful IPO underscores Ardent Health’s robust market position and growth potential in the U.S. healthcare sector. The funds raised will enable the company to expand its services and technologies, further strengthening its role in delivering high-quality healthcare. The option for additional shares reflects strong investor interest and confidence in Ardent Health’s strategic vision and operational excellence.