Hospital operator HCA Inc. files for $4.6B IPO The Associated Press
INDIANAPOLIS — Hospital chain HCA Inc. plans to raise $4.6 billion in its third initial public offering of common stock, more than three years after it was taken private in a leveraged buyout by a group of private equity investors.
The Nashville, Tenn., company's plans were made public Friday as four IPOs were postponed after the Dow Jones industrial average dropped nearly 1,000 points Thursday and investors grew increasingly worried that the growing European debt crisis could have daunting repercussions for U.S. corporations that do business in Europe.
IPOs of dental office services provider Smile Brands Group Inc., metals processor Ryerson Holding Corp. and real estate investment trust Madison Square Capital Inc. were all delayed Friday, with no expected trading date. Chinese oil company MIE Holdings Corp. has not been officially delayed, but won't begin trading this week.
HCA didn't set a price for its IPO shares or say how many it plans to sell. But it said in a Securities and Exchange Commission filing that it expects gross proceeds of about $2.5 billion, not including any extra shares it may sell to its underwriters to cover excess demand. It will use the funds to pare $26.86 billion in debt and for general corporate purposes.
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