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BFD Expert Voices - Health Tech Deals

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Hospital operator Ardent Health is targeting a $3.15 billion valuation in its IPO, per its updated S1.

Why it matters: Ardent will debut on the heels of several successful health care IPOs.

Zoom in: Ardent intends to sell 14.3 million shares at $20 to $22 per share.

At the midpoint of the price range, the expected offering amount is $300.3 million.

How it works: Founded in 1993, Nashville-based Ardent operates hospitals and provides both general and specialty services within inpatient and ambulatory care settings.

Ardent has 30 acute care hospitals and more than 200 sites of care across Texas, Oklahoma, New Mexico, New Jersey, Idaho and Kansas.

It's the fourth largest privately held, for-profit operator of hospitals and care services provider in the U.S., per the filing.

Flashback: Ardent, owned by health care REIT Ventas, filed in 2018 to go public but withdrew that plan in 2020.

State of play: The IPO market for health care has picked up considerably in 2024.

Tempus AI, a Chicago-based provider of data and analytics tools for precision medicine, raised $411 million in its IPO, pricing at the top of its range in June.

Post-acute care provider PACS Group (NYSE: PACS) debuted on NYSE at $23 after pricing at $21 per share in April.

Health payments software company Waystar's raised a nearly a $1 billion IPO — the best showing the health tech sector has seen since 2022.

Publicly traded hospital operator HCA, currently trading at about $316 per share, saw a 52-week high of $344.20 and a 52-week low of $215.96. Tenet Healthcare's 52-week high stock price was $142.35.

What we're watching: Frothy public markets may inspire more listings in the coming months, but the IPO window will start to narrow closer to the election.

Ardent Health seeks $3.15B valuation in IPO

Ardent will debut on the heels of several successful health care IPOs.

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Health tech deals

Hospital operator Ardent Health is targeting a $3.15 billion valuation in its IPO, <a class="gtmContentClick" data-vars-link-text="per its updated S1." data-vars-click-url="https://link.axios.com/click/35999881.41/aHR0cHM6Ly93d3cuc2VjLmdvdi9BcmNoaXZlcy9lZGdhci9kYXRhLzE3NTY2NTUvMDAwMTE5MzEyNTI0MTc2Mzc5L2Q3NTQ5MzNkczFhLmh0bT91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249c2VuZHRvX3Byb25ld3NsZXR0ZXJ0ZXN0JnN0cmVhbT10b3A/63d7efa24889932dcb08ba1cBd967e42b" data-vars-content-id="70eaaad3-4e5d-4e9c-a8fb-9b8ab2adef0c" data-vars-headline="Ardent Health seeks $3.15B valuation in IPO" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/35999881.41/aHR0cHM6Ly93d3cuc2VjLmdvdi9BcmNoaXZlcy9lZGdhci9kYXRhLzE3NTY2NTUvMDAwMTE5MzEyNTI0MTc2Mzc5L2Q3NTQ5MzNkczFhLmh0bT91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249c2VuZHRvX3Byb25ld3NsZXR0ZXJ0ZXN0JnN0cmVhbT10b3A/63d7efa24889932dcb08ba1cBd967e42b" target="_self">per its updated S1.</a>Why it matters: Ardent will debut on the heels of several successful health care IPOs.

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Ardent Health seeks $3.15B valuation in IPO

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