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Fullerton Healthcare said to plan US$300m IPO in Singapore
[SINGAPORE] Fullerton Healthcare Corp, a provider of medical services to corporate workers in Asia, is planning an initial public offering in Singapore, people with knowledge of the matter said.
The Singapore-based company is working with JPMorgan Chase & Co, Morgan Stanley and UBS Group AG on a share sale that may take place next year, the people said. The IPO could raise as much as US$300 million, the people said, asking not to be named as the information is private.
Fullerton joins Raffles Medical Group Ltd. and Healthscope Ltd. in seeking a public listing to tap investor interest in Asia Pacific's booming medical-services market. It is planning a share sale after expanding through acquisitions, spending S$111 million (US$79 million) in May to buy radiology scan provider Radlink-Asia Pte and agreeing in August to buy control of Hong Kong's HMMP Ltd. chain of health-care clinics.
Plans for the share sale are at an early stage, and details such as the size of the offering could change, the people said. Fullerton, backed by private investment firm SIN Capital Group, owns more than 130 clinics serving 25,000 companies in Singapore, Malaysia, Australia, Indonesia and Hong Kong, according to its website.
A representative for Fullerton said an IPO is "one of many ways" to raise capital for expansion, declining to comment further. SIN Capital Chief Executive Officer David Sin didn't immediately return a phone call and didn't respond to a LinkedIn message seeking comment.