Ardent Health Partners disclosed a more than 5% rise in revenue for 2023 on Friday, as the healthcare provider revealed its paperwork for an initial public offering in the United States.

The U.S. capital market has seen a recovery in the number of IPOs in 2024, after a nearly two-year dry spell, as expectations of a soft-landing for the economy encourage companies to list their shares.

This year recorded 58 IPOs till June 4, up from 44 in the same period in 2023 and 35 in 2022, according to data from Renaissance Capital.

Ardent Health said revenue for the year ended Dec. 31, 2023 rose to $5.41 billion, compared with $5.13 billion a year earlier.

Net income during the period, however, more than halved to about $129 million.

Ardent is the fourth-largest privately held, for-profit operator of hospitals and a provider of healthcare services in the United States, according to its filing.

It has 30 acute care hospitals across Texas, Oklahoma, New Mexico, New Jersey, Idaho and Kansas.

The company intends to use the proceeds from the IPO to repay outstanding borrowings under a 2021 term loan facility of $900 million, which matures on Aug. 24, 2028.

The terms of the IPO were not provided in the filing.

Ardent will list its shares on the New York Stock Exchange under the symbol "ARDT".

J.P. Morgan, BofA Securities, Morgan Stanley and Stephens Inc are the lead underwriters for the IPO.

(Reporting by Pritam Biswas in Bengaluru; Editing by Shilpi Majumdar)