IHH Healthcare announces IPO plans for indirect subsidiary in India
Michelle Zhu
AN INDIRECT subsidiary of Malaysian hospital operator IHH Healthcare will be launching an initial public offering (IPO) through an offer of sale issuance.
Based in India, Agilus Diagnostics provides diagnostic services in pathology and radiology. It is a subsidiary of Fortis Healthcare, an indirect 31.17 per cent-owned subsidiary of IHH.
On Monday (Aug 7), IHH said the boards of both Agilus and Fortis, at their respective meetings on Aug 4, granted their confirmation and approval for Agilus to initiate its IPO process.
Through the offer of sale process, equity shares may be offered by certain existing and eligible shareholders of Agilus in the IPO.
The public offering’s timing, implementation and price will be subject to Fortis’ and Agilus’ respective boards after considering the prevailing market conditions and other relevant factors, said IHH.
It will also be subject to the approval of the members of Fortis, along with other regulatory approvals required by the law.
Shares of IHH were up S$0.01 or 0.6 per cent at S$1.76 before the company requested a trading halt at 12.48 pm on Monday, ahead of the news. The counter will resume trading at 2.30 pm on the same day.
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