Religare Health Trust, backed by Indian hospital chain operator Fortis Healthcare Ltd., priced a planned initial public offering in Singapore lower than expected, saying it is looking to raise a total of USD 417.9 million.
The trust plans to offer 567.46 million shares at USD 0.74 each, according to a final prospectus filed with the Monetary Authority of Singapore. Of the offering, 555.46 million shares will be offered to institutional investors in Singapore and abroad, and 12 million will be sold to the public.
The public offering will run between Oct 15 and Oct 18, the Religare prospectus said. Fortis had initially planned to list Religare in Singapore in the fourth quarter of last year, but it deferred the listing due to volatile stock market conditions and because of delays in consolidating its businesses, a person familiar with the matter said in March.
Religare, which runs hospitals in India, will now look to list by Oct. 22, its prospectus said. Fortis is aiming to capitalize on investor demand for the healthcare industry in India. Also, by 2015, earnings from non-Indian patients in local hospitals will likely hit USD 2.1 billion, Religare’s prospectus said.
Religare will initially hold hospital properties worth a total of USD 612.4 million in its portfolio, the prospectus added. Religare’s planned IPO will be the second Singapore listing by an Indian company, coming after Indiabulls Properties Investment Trust in 2009.