KKR-Backed BrightSpring Sinks 15% in Debut After IPO Flop
- Opening drop worst for $250 milion-plus US listing since 2021
- Debut could sour mood as investors eye revival in IPOs
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BrightSpring Health Services Inc. shares fell 15% in its debut after the company priced a $692.9 million initial public offering below a marketed range, threatening to dent the nascent mood of optimism in equity capital markets.
Shares in the community-based health-care services provider backed by KKR & Co. slumped to $11 in its New York debut, giving BrightSpring a market value of nearly $1.9 billion. The slide is the worst opening-day showing for a US-listed company raising over $250 million in its IPO since 2021, according to data compiled by Bloomberg.