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Asian hospital operator seeks $2 billion in IPO
Asia's top hospital operator IHH aims to raise $2 billion from Malaysia, Singapore listing
By The Associated Press

KUALA LUMPUR, Malaysia (AP) IHH Healthcare, Asia's top hospital operator, said Tuesday it plans to raise 6.4 billion ringgit ($2 billion) from an initial public offering in Malaysia and Singapore.

It will be the third largest IPO in the world this year after the $3 billion listing of Malaysian plantation giant Felda last week and Facebook's share sale in May which raised $16 billion.

IHH's key shareholder is Malaysian state investment arm Khazanah Nasional. IHH owns some 30 hospitals across Asia and Turkey.

"Malaysia can claim to be a bright spot in the otherwise dark canvas of global finance," said Prime Minister Najib Razak, who launched IHH's prospectus.

The company is offering up to 1.8 billion new shares in the IPO while shareholder Abraaj Capital will sell 435 million shares in the dual listing at an indicative price of 2.85 ringgit (90 cents) per share.

About two-thirds of the shares have been snapped up by 22 institutional investors including Kuwait Investment Authority, asset manager Blackrock Investment and The Government of Singapore Investment Corp.

"Malaysia looks set to be Asia's top IPO market for this year, a testament to both the quality of companies being listed and resilience of the Malaysian equity market," said Nazir Razak, Chief Executive of CIMB Bank which is coordinating the listing.

He said IHH's market capitalization, estimated at nearly 23 billion ringgit, will make it the second largest listed healthcare provider after HCA Holdings in New York.

IHH will start trading on Singapore and Malaysia's stock exchanges on July 25.

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