Ardent Health withdraws IPO, faces class-action complaint

Ardent Health Services, the Nashville, Tenn.-based operator of 30 hospitals, withdrew its plan for an initial public offering Jan. 8, according to Nasdaq.

Ardent filed in December 2018 with the Securities and Exchange Commission to raise $100 million in an IPO and planned to list on the New York Stock Exchange under the ticker symbol "ARDT." Renaissance Capital estimated the IPO could have raised up to $400 million.

Ardent, which didn't disclose a reason for withdrawing the IPO, is also facing a proposed class-action complaint. In late December, participants in the company's defined contribution plan sued Ardent and other fiduciaries of its retirement savings plan in the U.S. District Court for Middle Tennessee, alleging violations of the Employee Retirement Income Security Act, according to Pensions & Investments.

More articles on healthcare finance:

22 hospital bankruptcies in 2019
Washington hospital to close this month
7 health systems with strong finances

© Copyright ASC COMMUNICATIONS 2021. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.