KKR-backed BrightSpring revives US IPO plan
Jan 2 (Reuters) - KKR-backed BrightSpring Health Services on Tuesday filed for an initial public offering in the United States, reviving its plan to go public more than a year after aborting it.
The healthcare services platform had been pursuing an IPO since 2021, but shelved it in November 2022 when an uncertain economy had crushed the IPO market.
However, a recent market rally on easing recession concerns has rekindled hopes and is encouraging more companies to seek listings.
Social media giant Reddit, cloud security company Rubrik and software startup ServiceTitan are also expected to go public in 2024.
BrightSpring was bought by KKR in a $1.32 billion deal in 2019, with an affiliate of drugstore chain operator Walgreens Boots Alliance taking a minority stake. The company caters to patients facing complex or chronic medical conditions.
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.
Proceeds from the IPO will be chiefly used to repay debt, BrightSpring said.
Amedisys, Encompass Health Corp and Addus HomeCare Corp are among BrightSpring's competitors.
BrightSpring has applied to list on the Nasdaq under the symbol "BTSG."
The IPO is being managed by 14 underwriters, including Goldman Sachs, KKR, Wells Fargo and Morgan Stanley.
(Reporting by Niket Nishant in Bengaluru; Editing by Sriraj Kalluvila)
