Bank of America (NYSE:BAC), Citigroup Inc. (NYSE:C) and J.P. Morgan (NYSE:JPM) Help HCA Ready IPO

The largest operator of hospitals in the U.S., HCA, with the management aid of Bank of America (NYSE:BAC), Citigroup Inc. (NYSE:C) and J.P. Morgan  (NYSE:JPM), filed plans today for their IPO, which is estimated to raise about $4.6 billion for the company.

This assumes the registration by HCA on how much they’re going to sell remains the same, as that could change going forward. As it is now, it is the largest IPO in the U.S. backlog.

With the plunge of the market and bull run over, the timing is unfortunate for HCA, but taking into consideration it usually takes about 3 months from when a company files to when they go public, things could be a little better at that time, and pricing could be higher.

The company had a good first quarter, and timed their filing to happen right after the report for maximum, positive impact. Revenue increased to $7.54 billion, while earnings rose to $388 million, a 7.8 percent gain.

Gross proceeds from the IPO should bring about $2.5 billion, which the company says will be used for general purposes, and also to pay down debt. HCA carries a huge debt of $26.86 billion on its books.

HCA operates over 160 hospitals and 100 standalone surgery centers. They have the top market share in most of their markets.

The company is listing under the symbol HCA on the New York Stock Exchange.