{"id":89735,"date":"2024-02-11T06:50:39","date_gmt":"2024-02-11T11:50:39","guid":{"rendered":"https:\/\/ifintechworld.com\/?p=89735"},"modified":"2024-02-11T06:50:41","modified_gmt":"2024-02-11T11:50:41","slug":"brightsprings-stock-slides-9-in-trading-debut-after-ipo-priced-below-range","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=89735","title":{"rendered":"BrightSpring\u2019s stock slides 9% in trading debut after IPO priced below range"},"content":{"rendered":"
\n

BrightSpring Health Services Inc.\u2019s stock slid 9% in its trading debut on Friday, after the company\u2019s initial public offering priced at $13 a share, below its proposed range of $15 to $18.<\/p>\n

The Louisville, Ky.-based company, which offers home- and community-based services, sold 53.3 million shares to raise $693 million. With 171.2 million shares expected to be outstanding once the deal closes, the company has a valuation of $2.2 billion. <\/p>\n

\n

The stock of the company, which is backed by KKR & Co.\u00a0
\n KKR,
\n +0.50%<\/bg-quote>,<\/span>
\n \u00a0 is trading on Nasdaq\u00a0under the ticker BTSG
\n BTSG,
\n -0.18%<\/bg-quote>.<\/span>
\n \u00a0Goldman Sachs was the lead underwriter in a team of 15 banks that worked on the deal.<\/p>\n

The company focuses on patients with complex health needs, such as senior and specialty patients, via a network of 10,000 clinical providers and pharmacists. <\/p>\n

Revenue rose 15.3% in 2022 to $7.7 billion, but the company swung to a loss of $53.9 million after chalking up net income of $49.8 million in 2021.<\/p>\n

Concurrent with the IPO, BrightSpring offered 8 million of its 6.75% tangible equity units at $50 per unit. Underwriters have the option to purchase an additional up to 8 million shares in the next 30 days and a 13-day option to purchase up to an additional 1.2 million units.<\/p>\n

Read now: <\/strong>IPO market continues its revival with investors looking to Amer Sports, BrightSpring\u2014and Reddit<\/p>\n

The deal comes a day after the debut of cancer-drug company CG Oncology Inc.
\n CGON,
\n +6.54%<\/bg-quote>,<\/span>
\n which nearly doubled in its first day of trade in a positive sign for the IPO market. <\/p>\n

Irving, Calif.-based CG Oncology closed at $37.17, up 96% from its issue price of $19. That deal priced $1 above its proposed price range of $16 to $18 and the company upsized the offering to 20 million shares from earlier plans to offer 17 million.<\/p>\n

The fact that BrightSpring priced below range suggested some investor pushback, and its weak first-day performance is expected to take the air out of the recent excitement at signs the IPO market is thawing after a deep freeze in 2023.<\/p>\n

Also read:<\/strong>\u00a0The long-awaited IPO \u2018revival\u2019 really depends on the bull market staying alive<\/p>\n

Related:<\/strong> New Nasdaq tool signals the IPO market will be in an uptrend for the next six months<\/p>\n

The Renaissance IPO ETF
\n IPO
\n has gained 25% in the last 12 months, outperforming the S&P 500
\n SPX,<\/span>
\n which has gained 20%. <\/p>\n

See also:<\/strong> Reddit, Shein and Stripe may lead a revived IPO market in 2024<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

BrightSpring Health Services Inc.\u2019s stock slid 9% in its trading debut on Friday, after the company\u2019s initial public offering priced at $13 a share, below its proposed range of $15 to $18. The Louisville, Ky.-based company, which offers home- and community-based services, sold 53.3 million shares to raise $693 million. With 171.2 million shares expected […]<\/p>\n","protected":false},"author":1,"featured_media":89736,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-89735","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nBrightSpring\u2019s stock slides 9% in trading debut after IPO priced below range | iFintechWorld<\/title>\n<meta name=\"description\" content=\"BrightSpring Health Services Inc.\u2019s stock slid 9% in its trading debut on Friday, after the company\u2019s initial public offering priced at $13 a share, below\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=89735\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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