Private Equity Wants You to Think This Is an Intriguing IPO: BrightSpring Health Services

The big name backers of this healthcare IPO want to you see the potential opportunity ahead. There are several items pointing to the contrary.

Saint Isabel Healing the Sick, Bartolomé Esteban Murillo, 1672, oil on canvas (Hospital de la Santa Caridad)

Most of the time, digging through IPO prospectuses means looking at several micro and nano cap companies. This week, though, we have a multi-billion dollar valuation business looking to go public. BrightSpring Health Services is one of the country's largest providers of complex care, and it wants to raise close to $1 billion. 

At first glance, BrightSpring has a compelling story to tell the market. Like so many other IPOs, though, the story looks less appealing as you peel back the onion. 

Here are some knee-jerk reactions to the BrightSpring IPO. What may make BrightSpring alluring to investors, why it may not be as appealing as it seems, and an important lesson about this particular type of public offering. 

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