KKR-backed BrightSpring valued at $2.05 billion in lukewarm debut


Recasts paragraph 1, adds details and background throughout

Jan 26 (Reuters) - Shares of BrightSpring Health Services BTSG.O, backed by KKR KKR.N, slipped 7.7% in their market debut on Friday, giving the community-based healthcare services firm a market capitalization of $2.05 billion.

The company debuted at $12 per share, below its initial public offering price of $13 apiece.

The company raised $633 million by selling about 53.3 million shares on Thursday.

BrightSpring was sold to private equity giant KKR in a $1.32-billion deal in 2019, with an affiliate of drugstore chain operator Walgreens Boots Alliance WBA.O taking a minority stake.

The company had previously pursued a listing in 2021, but hostile market conditions forced BrightSpring to abort its IPO plans in November 2022.

The lukewarm debut follows a similar reception for Morgan Stanley Direct Lending Fund MSDL.N and Kazakhstan-based banking and fintech giant KSPI.O, underscoring investor caution around new listings.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru. Editing by Pooja Desai and Shilpi Majumdar)


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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