(Or “The Achars are coming”)
First, there is IHH expected to list in July. Intetegrated Healthcare Holdings is the healthcare arm of Malaysia’s state investor. Its assets include Turkish hospital group, Singapore’s Parkway Holdings, India’s Apollo Hospitals Enterprise and Malaysia’s Pantai Hospitals and International Medical University. It presses all the right buttons: Turkey, India, M’sia and S’pore.
The listing of IHH in Singapore and Malaysia is expected to be the fourth-biggest initial public offering in S’pore’s history and Malaysia’s second-largest this year after the planned listing of Malaysian plantation group Felda Global Venture Holdings.
International Financial Corp, part of the World Bank Group, is planning to take part in the planned US$1.5 billion listing of IHH. Another cornerstone investor is the Pru’s Asian funds arm. UK’s Pru or the US Pru. I’m sure GIC or Temasek will be another cornerstone investor.
For those interested in Indian healthcare and yield there will be Religare Health Trust. India’s Fortis Healthcare, which is seeking to expand its clinical operations and cut debt, plans to raise about 20bn rupees (S$459m) by listing its hospital business in Singapore. Its listing is expected to be later than that of IHH.
“We are looking at this listing to de-leverage the balance sheet,” its CEO said anning the IPO last week. Fortis, which has about 15 hospitals and clinics that are part of this business, has a consolidated net debt of 50bn rupees, the CEO said. The company is looking to add about 2,500 hospital beds in three to four years, he added. Fortis, India’s No 2 hospitals chain after Apollo Hospitals Enterprise, said consolidated net profit jumped 41.34% to 415.4bn in its fiscal fourth quarter ended March.
Religare Health Trust has a mandate to invest in medical and healthcare assets and services in Asia, Australasia and emerging markets.
The IPO would be the second by an Indian company in Singapore after Indiabulls Properties Investment Trust raised US$165m (S$210.8m) in 2009. This has been a dog of a stock.
Reliance Communications is also planning to raise US$1 billion through a Singapore listing of its undersea cable business.
Thoughts of a Cynical Investor 