Vanguard Health Systems has set the number and price of shares it will offer in its upcoming initial public offering, which could yield up to $661 million.

According to a Monday morning filing with the Securities and Exchange Commission, the Nashville-based company plans to offer 25 million shares at a price of $21 to $23 per share. If Vanguard sells those shares plus the 3.75 million shares available to underwriters to cover any over-allotments at the maximum share price, it will raise more than $661 million.

If Vanguard prices shares at the $22 mid-point, its net proceeds will be approximately $511 million after underwriting discounts, commissions and expenses.

In its first registration statement for the offering, Vanguard estimated gross proceeds of the offering at $600 million.

Also new in this filing is a list of underwriters. Joint book-running managers include Bank of America Merrill Lynch, Citi, Deutsche Bank Securities, Barclays Capital and J.P. Morgan. Senior co-managers are Lazard Capital Markets and Wells Fargo Securities. Eight other firms are listed as co-managers, including locally based Avondale Partners.

Vanguard intends to use the proceeds of the IPO to redeem the $488 million in senior discount notes due February 2016 and use the remaining net proceeds to “make payments related to the $14 million net liability” due to its private equity owners The Blackstone Group and Morgan Stanley Capital Partners, as well as other general corporate purposes.

After the offering, Vanguard will still be a “controlled company,” with Blackstone, Morgan Stanley and certain members of its management team continuing to own a majority of the company’s stock.

Vanguard owns 26 hospitals and two health plans.