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After a tumultuous debut, Ardent Health Partners (NYSE: ARDT) saw its stock close the first session 2% higher following a $192M downsized initial public offering.
At the opening bell, shares of the for-profit hospital operator started at $15, below the $16 per share offering price. Despite a rocky start that saw shares dip, the stock staged a recovery to peak at $16.67, ultimately settling at $16.36 per share.
The Tennessee-based company had initially planned to sell 14.3M shares in the price range of $20 to $22 per share. However, Ardent (ARDT) eventually offered 12M shares at $16 per share.
Ardent (ARDT), headquartered in Tennessee, delivers healthcare services through a network of 30 acute care hospitals, with over 200 care sites and more than 1,700 providers. The company’s operations span across Texas, Oklahoma, New Mexico, New Jersey, Idaho, and Kansas.
(Update: stock movement, closing price included)