Religare Health Trust, backed by the assets of India’s second-biggest hospital company, Fortis Healthcare, priced an initial public offering in Singapore at 90 cents, two people with knowledge of the matter said.
The business trust had offered 567.5 million units at between 88 cents and 97 cents, according to a prospectus filed with the Monetary Authority of Singapore on Sept. 28. At the final price, the company will be raising 511 million dollars.
Religare’s sale was subscribed more than three times, one person said. It comes after Reliance Communications withdrew a US$1 billion IPO of its undersea cable unit in Singapore in July, citing market conditions. Indian companies are looking at overseas markets as IPO volumes drop locally, falling nearly 80% this year, Bloomberg data show.
Infrastructure Leasing & Financial Services, an Indian company whose shareholders include Japan’s Orix Corp. and Abu Dhabi Investment Authority, is planning a US$250 million IPO of its wind power unit in Singapore, three people with knowledge of the matter told Bloomberg in September.
Religare’s initial portfolio comprises 11 clinics, 4 of them still to be developed, and 2 hospitals that it will manage and operate in India, the IPO document states. The company will invest in health care assets globally, it said. A business trust typically pays out a larger proportion of its income as dividends than a regular company does.
Fortis has hospitals and other health-care centres in 10 countries including Australia, Hong Kong and Sri Lanka, according to its website. The company will invest US$1 billion in expanding at home and overseas in the next three years, its chairman Malvinder Singh said last year.
The offering was managed by CIMB Group Holdings Bhd, DBS Group Holdings, Nomura Holdings Inc., Religare Capital Markets and Standard Chartered Plc.
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