US hospital operator Ardent Health Services is planning to launch an initial public offering (IPO) for the second time, which could value the company at approximately $5 billion, Bloomberg reported.  

Sources familiar with this matter said that Ardent Health has confidentially submitted its IPO registration to the US Securities and Exchange Commission (SEC).  

The Nashville-based healthcare provider, with a network of 30 hospitals and over 200 sites of care, may initiate the sale of shares as early as July this year, aiming to raise up to $500m. 

The IPO process is set to be led by JPMorgan Chase & Co, one of the sources told Bloomberg requesting anonymity due to the confidential nature of the matter. 

Ardent’s majority owner, Equity Group Investments (EGI), was founded by the late billionaire investor Sam Zell.  

The report added that representatives for Ardent, EGI, and JPMorgan Chase have not responded to requests for comments regarding the latest IPO developments. 

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While the company is yet to finalise its listing plans, and details may change, this move marks Ardent’s second attempt at going public after withdrawing its 2018 IPO plan in 2020. 

Ardent Health Services, which employs more than 23,000 team members and has nearly 1,700 aligned providers across six states in the US, initially intended to raise $100m from the offering. 

According to the information shared by the company in the old SEC filing, Ardent Health planned to use the net proceeds from the initial IPO to repay certain debts and fulfil some other general corporate purposes, including potential acquisitions of healthcare facilities and related businesses.  

The previous filing revealed a net loss of $143m on revenue of about $4.2bn in 2018.  

EGI partnered with healthcare real estate investment trust Ventas in 2015 to acquire a majority stake in Ardent Health Services in a $475m deal.