Healthcare provider Ardent Health is targeting a valuation of about $3.15 billion in its initial public offering, it said on Monday, as the U.S. capital market continues to run hot by attracting new entrants.

After a two-year dry spell, the IPO market is on the road to recovery, helped by firming bets of a soft landing for the world's largest economy and increasing investor appetite for new listings.

This year has 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 seeks to raise up to $314.6 million by selling 14.3 million shares priced between $20 and $22 apiece, according to its filing with the U.S. securities regulator.

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

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

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 Jaiveer Singh Shekhawat in Bengaluru; Editing by Shailesh Kuber)