Health Care

HCA's $3.5 billion IPO expected to get healthy reception

The owners of hospital chain HCA Holdings are finding investors eager for its stock, even as some investors and analysts say the company's debt load isn't as healthy as they would like.

IPO trackers say that demand is high for HCA's third initial stock offering, even though the company owes more than $28 billion to creditors. Adding to its challenges, its revenue growth has slowed, and the company, the largest hospital chain in the U.S., can't say for sure how the health care overhaul passed nearly a year ago will reshape its business.

Still, HCA's $3.53 billion offering, expected to price tonight, is set to surpass records set earlier this year by U.S. companies taken public by private equity firms.

HCA is the parent company of Wesley Medical Center in Wichita.