Ardent Health Is Said to Plan IPO of $400 Million or More

Ardent Health is planning an initial public offering for a second time and could seek to raise $400 million or more, according to people familiar with the matter.

The hospital operator confidentially submitted its IPO registration to the US Securities and Exchange Commission for an IPO that would value Ardent at about $5 billion and perhaps more, the people said, asking not to be identified because the information is private.

Ardent could begin marketing the shares as soon as July and seek to raise as much as $500 million, one of the people said. The IPO will be led by ...