HCA downsizes public listing

Private equity-backed hospital operator HCA Holdings has slashed the value of its initial public offering (IPO) by 19 per cent, as uncertainty over the future of healthcare stocks remains high. HCA, which set terms for its IPO on Tuesday, now plans to raise up to $3.7bn in a deal that would value it at $15.5bn. In May, it had filed to raise up to $4.6bn.