For-profit hospital chain Iasis Healthcare backs away from IPO

Iasis Healthcare, a for-profit chain with 18 hospitals, nearly 150 ambulatory clinics and a health insurance arm, has withdrawn plans for an initial public offering.

Iasis, based in the Nashville suburb of Franklin, Tennessee, quietly announced the cancellation of the IPO in a Dec. 30 filing with the Securities and Exchange Commission. That was the last business day of the year, when investors and news organizations are typically not paying much attention.

The company had announced nearly two years earlier that it would have an IPO worth as much as $100 million. Iasis did not give a reason for the withdrawal.

The healthcare chain reported a pre-tax loss from continuing operations of $117 million for the fiscal year ended Sept. 30, 2016. That compares to operational earnings of $6.8 million during fiscal 2015.