Two weeks after BrightSpring Well being Providers Inc. had submitted plans for an preliminary public providing (IPO), the corporate formally introduced the transfer on Wednesday. The corporate might be valued at $3.1 billion.

For context, house care supplier Amedisys Inc. (Nasdaq: AMED) was valued at roughly $3.3 billion when UnitedHealth Group (NYSE: UNH) agreed to accumulate the corporate earlier this 12 months.

BrightSpring Well being Providers is a Louisville, Kentucky-based supplier of house and community-based providers. The corporate serves advanced populations requiring specialised or persistent care.

Backed by funding agency KKR, the corporate operates in all 50 states and serves greater than 400,000 sufferers every day.

BrightSpring's preliminary public providing consists of 53.3 million shares of frequent inventory and a concurrent providing of 8 million tangible shares with a acknowledged consideration of $50.00 per unit.

Moreover, the corporate plans to lift $400 million.

The worth for the frequent inventory is predicted to be round $15 to $18 per share, the corporate stated within the launch.

“BrightSpring intends to make use of the web proceeds from the providing to repay sure excellent indebtedness underneath its Revolving Credit score Facility, First Lien Credit score Facility and Second Lien Credit score Facility, and to make required funds in reference to the termination of the monitoring settlement with Kohlberg Kravis Roberts & Co. LP and Walgreens Boots Alliance, Inc., with the rest for use for normal company functions,” the corporate wrote within the launch.

The corporate will listing its frequent inventory on the Nasdaq underneath the ticker image BTSG, and its models underneath the image BTSGU. In keeping with studies from Bloomberg, the IPO will happen on January 25, with buying and selling beginning the day after.

Goldman Sachs & Co., KKR Capital Markets, Jefferies, Morgan Stanley & Co., UBS Securities LLC, BofA Securities, Guggenheim Securities and Leerink Companions are main the providing.

This isn’t the primary time that BrightSpring has made an IPO. The corporate's first try was in 2021, and the next 12 months it determined to not observe by means of with these plans.

BrightSpring declined to remark for this story.