US-based healthcare provider Ardent Health Partners has announced the pricing of its initial public offering (IPO) at $16 to a share.

The company is offering 12 million shares of common stock to the public, having filed with the US Securities and Exchange Commission (SEC) last month.

Ardent Health has also granted a 30-day option to underwriters to purchase up to an additional 1.8 million shares at the IPO price, minus underwriting discounts and commissions.

The shares are expected to begin trading on the New York Stock Exchange under the ticker symbol 'ARDT' on 18 July, with the offering anticipated to close the next day.

The IPO is currently subject to the fulfilment of certain customary conditions.

Ardent Health plans to allocate the net proceeds from the IPO towards its working capital and acquisitions of complementary businesses.

The company will also use the funds for other general corporate purposes, which may include debt repayment and capital investments.

Bloomberg reported last month that the IPO could raise more than $400m and value Ardent Health at around $5bn.

The lead book-running managers for the IPO are JP Morgan, BofA Securities and Morgan Stanley.

Leerink Partners, Stephens, Citigroup, Mizuho, RBC Capital Markets and Truist Securities are serving as bookrunners for the IPO, while Capital One Securities and Loop Capital Markets are co-managers.

Based in Tennessee, Ardent Health specialises in providing healthcare services mainly to address the needs of expanding urban communities in the US.

The company currently operates a total of 30 acute care hospitals and more than 200 care sites, with more than 1,700 providers operating across six US states.

It aims to improve healthcare accessibility and invest in various current services and technologies.

The latest IPO filing is Ardent Health’s second attempt at going public, with the company having withdrawn its first IPO plan in 2020.