Two weeks after BrightSpring Health Services Inc. filed plans for an initial public offering (IPO), the company officially announced the move Wednesday. The company could be valued at up to $3.1 billion.
For context, the home health provider Amedisys Inc. (Nasdaq: AMED) was valued at about $3.3 billion when UnitedHealth Group’s (NYSE: UNH) agreed to acquire it earlier this year.
BrightSpring Health Services is a Louisville, Kentucky-based provider of home- and community-based services. The company serves complex populations that require specialized or chronic care.
The company is backed by the investment firm KKR and operates in all 50 states, serving more than 400,000 patients daily.
BrightSpring’s initial public offering includes 53.3 million shares of its common stock and a simultaneous offering of 8 million tangible equity units with a stated amount of $50.00 per unit.
Additionally, the company is planning to raise $400 million.
The price for the common stock is expected to be around $15 to $18 per share, the company noted in the press release.
“BrightSpring intends to use the net proceeds from the offerings to repay certain indebtedness outstanding under its revolving credit facility, first lien term loan credit facility and second lien term loan credit facility, and to make required payments in connection with the termination of its monitoring agreement with Kohlberg Kravis Roberts & Co. L.P. and Walgreens Boots Alliance, Inc., with any remainder to be used for general corporate purposes,” the company wrote in the release.
The company will list its common stock on the Nasdaq under the ticker symbol BTSG, and its units under the symbol BTSGU. The IPO is slated to price on Jan. 25, with trading set to start the day after, according to reports from Bloomberg.
Goldman Sachs & Co., KKR Capital Markets, Jefferies, Morgan Stanley & Co., UBS Securities LLC, BofA Securities, Guggenheim Securities and Leerink Partners are leading the offering.
This isn’t BrightSpring’s first go at an IPO. The company’s first attempt was in 2021, and the following year it decided not to follow through with these plans.
BrightSpring declined to comment for this story.
Companies featured in this article:
