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KKR & Co Inc (NYSE:KKR) backed BrightSpring Health Services, Inc. filed for an initial public offering (IPO) in the U.S. on Tuesday.
BrightSpring Health Services is a home and community-based healthcare services platform that offers complementary pharmacy and provider services to complex patients.
The company serves over 400,000 patients daily through its about 10,000 clinical providers and pharmacists, across 50 states.
Walgreen Co., an affiliate of Walgreens Boots Alliance, Inc. (NASDAQ:WBA) holds stake in the company, as per the filing.
BrightSpring Health Services plans to use the proceeds from the IPO to pay off debt. The company's total debt as of September 30, 2023, was $3.5 billion.
In the nine months ending September 2023, the company reported a revenue increase of 12.2% to $6.451 billion, led by volume growth and rate increases in the Home Health Care and Community and Rehab Care segments. BrightSpring reported a net loss attributable of $(148.1) million vs. a profit of $2.3 million a year ago.
The company had been aiming to pursue an IPO since 2021 but shelved it in November 2022 amid an uncertain economy, as per Reuters.
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