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BrightSpring Health files for IPO

Illustration of a health plus peeling back revealing a hundred dollar bill on the reverse side.

Illustration: Aïda Amer/Axios

KKR-backed home health company BrightSpring Health filed for a U.S. initial public offering, reviving public listing plans after shelving the effort more than a year ago.

Why it matters: A successful listing for BrightSpring would pour some water on a parched IPO market.

Details: BrightSpring has applied to list on the Nasdaq under the symbol "BTSG."

  • No terms were disclosed, but reports have suggested it could seek to raise around $1 billion.
  • The IPO is being managed by 14 underwriters, including Goldman Sachs, KKR, Wells Fargo and Morgan Stanley.

Catch up quick: Louisville, Kentucky-based BrightSpring filed for an IPO in October 2021 but withdrew the filing the following year after souring market appetite for new listings.

  • KKR, alongside Walgreens Boots Alliance, bought BrightSpring in 2019 from Onex for $1.3 billion, merging it with pharmacy services company PharMerica.
  • In a statement at the time, KKR said that the merged company had a combined revenue of about $4.5 billion.

By the numbers: According to earnings, it posted a net loss of $149.6 million in the nine months ended Sept. 30, compared to a $2.5 million profit a year earlier.

  • In the same period, revenue rose 12% to $6.45 billion.

What we're watching: Whether BrightSpring's filing inspires confidence in the backers of health care payments business Waystar, which delayed its road show late last year amid market volatility.

KKR declined to comment.

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