Religare Health falls 2.8% below IPO price in Singapore debut

Units of Religare Health Trust, which owns hospital-related assets, fell as much as 2.8% below its initial offering price in its market debut on Friday.

By 12:03 p.m., Religare’s units were traded at $0.88, compared to an IPO price of $0.90. The trust, whose assets are managed by Indian hospital group Fortis, raised $511 million through the IPO.

Religare has a mandate to invest in medical and healthcare assets and services in Asia, Australasia and emerging markets. CIMB, DBS, Nomura Holdings,Religare Capital Markets and Standard Chartered arejoint bookrunners for the IPO with Citigroupas joint lead manager.