Vanguard Health Systems Rises in IPO

Vanguard Health Systems raised $450 million in its initial public offering on the NYSE under the ticker symbol VHS. The company sold 25 million shares at $18 per share, resulting in a market cap of $1.2 billion. The Blackstone Group post offering owns 38% of the company, and Morgan Stanley Capital Partners owns 10%. VHS is an owner and operator of acute care hospitals and complementary facilities located in urban and suburban markets in the United States.