backed Ardent Health falls in NYSE debut

Ardent Health

18/07/2024 18:10

** Shares of healthcare provider Ardent Health  ARDT.N  fall
as much as 6.3% in their New York Stock Exchange debut, last
down 2.5% at $15.60
    ** ARDT stock opens at $15 vs $16 IPO price, giving the
company a valuation of $2.15 bln
    ** Company raised $192 mln in its downsized IPO by selling
12 mln shares priced below its indicated per-share price range
of $20 and $22 
    ** ARDT initially planned on selling 14.3 mln shares
    ** Founded in 2001, ARDT operates 30 acute-care hospitals
and over 200 sites of care with more than 1,700 providers across
six states in the U.S, namely Texas, Oklahoma, New Mexico, New
Jersey, Idaho and Kansas
    ** ARDT's majority shareholder is late real estate
billionaire Sam Zell's private investment firm Equity Group
Investments 
    ** Abu Dhabi-based healthcare platform Pure Health
 PUREHEALTH.AD  last year bought a 26.1% stake in Ardent for
about $500 mln       
    ** J.P. Morgan Securities, BofA Securities and Morgan
Stanley are the lead underwriters for the IPO

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))