Religare Health to raise up to SGD 550 mn in Singapore IPO
Mumbai: Fortis Healthcare Ltd Friday said it proposes to raise up to SGD 550.4 million (about Rs 2,373 crore) through an initial public offering (IPO) of Religare Health Trust on Singapore Exchange Securties.
Religare Health Trust is a business trust of Fortis and has the mandate to "invest principally in medical and healthcare assets and services in Asia, Australasia and emerging markets," the company said in a filing to the BSE.
For the IPO, Religare Health Trust will be selling 567,455,000 shares at a price range of SGD 0.88 (the minimum price) and SGD 0.97 (the maximum price), its preliminary prospectus filed with Monetary Authority of Singapore showed.
The prospectus further said that IPO proceeds are expected to be between SGD 499.4 million and SGD 550.4 million, which is based on minimum and maximum offer price.
It, however, did not disclose the listing date of the offer.
"Religare Health Trust's (RHT) initial portfolio comprises 11 RHT clinical establishments, four greenfield clinical establishments and two operating hospitals located across India," the prospectus said.
Citigroup, Nomura, Religare Capital Markets, Standard Chartered, CIMB and DBS are managing the offer.