Hospital operator Ardent Health Partners has officially filed with the US Securities and Exchange Commission for an initial public offering (IPO) of its common stock.

The company, which operates 30 acute care hospitals, has not yet disclosed the number of shares or the price range for the proposed offering.

This IPO is contingent on market conditions, and the final details, including the size and terms, are still uncertain.

Ardent Health has expressed its intention to list on the New York Stock Exchange under the symbol ‘ARDT’.

According to Bloomberg News, the company may raise upwards of $400m, with a valuation around $5bn.

The recent filing revealed Ardent’s financial performance, showing a net income of $45.9m on $1.4bn revenue for the first quarter, an increase from $23.8m net income on $1.3bn revenue in the same period last year.

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 The majority shareholder, EGI-AM Investments LLC, an affiliate of Equity Group Investments, will retain control after the IPO.

Ardent plans to allocate the net proceeds from the offering to repay debts and for general corporate purposes.

Leading the offering’s book-running are JP Morgan, BofA Securities, and Morgan Stanley, with several other financial institutions also participating.

This is Ardent’s second attempt at going public, following a withdrawn IPO plan in 2020.

The company’s network includes over 200 care sites and more than 1,700 providers across six states.