Ardent Health Partners seeks to raise up to $314.6 million through an initial public offering, which the for-profit health system said would give it a valuation of $3.15 billion.
In documents filed with the Securities and Exchange Commission Monday, Ardent said it planned to sell 14.3 million shares priced at $20 to $22 each.
Related: Ardent Health to seek $400M or more in second try at IPO
The health system, majority-owned by Equity Group Investments, filed for an IPO in 2018 but withdrew the plan in 2020. Ardent filed again in late June, but it did not disclose the proposed terms until Monday.
Nashville, Tennessee-based Ardent operates 30 acute care hospitals and more than 200 care sites across six states.
Ardent said in the filing it expects proceeds of approximately $274.3 million, excluding the underwriters’ option to purchase additional shares. The health system said it intends to use the proceeds for working capital, debt repayment and acquiring complementary businesses, products, services or technologies.
Ardent reported $45.9 million in net income for the quarter ended March 31, compared with $23.8 million in net income in the year-ago period.
CEO Marty Bonick declined to comment Tuesday.
Ardent plans to list shares on the New York Stock Exchange under the symbol "ARDT."
JPMorgan Chase & Co., Bank of America Corp., Stephens Inc. and Morgan Stanley are leading the IPO.
