KKR-backed Brightspring kicks off first IPO of 2024

The news: US community-based healthcare provider Brightspring has filed for the first initial public offering of 2024, with the KKR-backed company hoping to raise USD1 billion ($1.5 billion) from the listing.

The numbers: The IPO is being managed by 14 underwriters including Goldman Sachs, Morgan Stanley, UBS and KKR. Brightspring posted a net loss of USD149.6 million from revenues of USD6.45 billion for the nine months to 30 September 2023. KKR bought the healthcare provider in a USD1.3 billion deal in 2019, according to Reuters.

The context: The filing came on the first business day of 2024, after one of the worst years for US listings in the past decade. Just USD26 billion was raised from IPOs in 2023.