Home- and community-based services provider BrightSpring Health Services made a move to go public this week — representing the first company to file for a major initial public offering in 2024.
The company, which is owned by Walgreens Boots Alliance and private equity investment firm KKR Group, disclosed it is seeking to raise $1 billion in the IPO, according to a recent Bloomberg report. Other large investment firms, including big banks such as Goldman Sachs, Morgan Stanley, Bank of America and Wells Fargo have also underwritten the IPO, according to BrightSpring’s Tuesday filing with the Securities and Exchange Commission.
Based in Louisville, KY, BrightSpring provides a “complementary and integrated set of health services,” including home health, home infusion, pharmacy and hospice services, according to the SEC filing. Many of the patients it serves are medically complex or have chronic conditions, and the provider’s primary payers include Medicare, Medicaid and commercial plans, it said.
The company had tried to launch an IPO in October 2021 but backed out due to unfavorable market conditions. In the following year, its net income dropped by more than $100 million. More recently, in the nine-month period ended Sept. 30, 2023, BrightSpring posted a net income loss of more than $148 million, according to the SEC filing.
Still, it claims market opportunities amount to more than $1 trillion, citing in Tuesday’s filing “numerous positive industry trends and drivers. It served more than 250,000 home care patients across all 50 states, and boasts above-average Consumer Assessment of Healthcare Providers and Systems quality scores, according to the filing.
Both KKR and BrightSpring declined to comment.
Check back for updates on this developing story.
