BrightSpring Health Services, a home health services provider backed by KKR, filed plans for an initial public offering with the Securities and Exchange Commission Tuesday.
The Louisville, Kentucky-based company did not state in the filing how much it intended to raise. Bloomberg News reported in September the company planned to raise $1 billion from an IPO.
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The move comes more than a year after the company withdrew a previous filing to go public. It also comes at a time when healthcare services are increasingly moving into the home, due in part to an aging population.
BrightSpring operates in all 50 states, serving 400,000 patients with 10,000 clinicians and offers home healthcare, hospice, pharmacy solutions, behavioral health and neuro rehabilitation services. Services are delivered from 9,500 office, clinic and customer locations.
In the filing, the company estimated the market for treating people with chronic conditions to be nearly $1 trillion. It cited continued opportunities for growth in its core pharmacy business and provider services business due to an aging population in need of long-term care.
“We have built a significant presence and capability in delivering complementary and high-touch daily healthcare services and programs to complex patients in their homes and in communities in order to address their multiple health needs and requirements more completely,” the company said in the filing.
BrightSpring said its revenue grew more than 12% to $6.5 billion in the first nine months of 2023 compared with the same period in 2022. During that period, the company recorded a net loss of $148.1 million, compared with a $2.3 million profit during the first nine months of 2022.
In 2019, investment management company KKR bought BrightSpring for $1.32 billion, with an affiliate of Walgreens Boots Alliance taking a minority stake. As part of the transaction, BrightSpring merged with PharMerica Corporation to become a leading provider of home and community-based health and pharmacy services.
KKR is listed as a first-tier underwriter along with Goldman Sachs, Jefferies Financial Group, Morgan Stanley, UBS Group AG, Guggenheim Securities, Bank of America Securities and Leerink Partners.
