Tag Archive | "IHH Healthcare Berhad"

IHH Healthcare Berhad launches dual listing on Malaysia and Singapore Exchanges

IHH Healthcare Berhad launches dual listing on Malaysia and Singapore Exchanges

Asia’s largest hospital operator, IHH Healthcare, announced its US$2 billion dual listing on the Malaysia and Singapore stock exchanges on Tuesday, making it the world’s third largest IPO.

Felda Global Venture’s offering, the second largest this year after Facebook’s, raised US$3.25 billion last week.

IHH Healthcare Bhd. (IHH), Asia’s biggest hospital operator, plans to raise as much as 6.4 billion ringgit ($2 billion) in its initial public offering in Malaysia and Singapore, two people familiar with the matter said yesterday.

The Kuala Lumpur-based company, which has signed up 22 so- called cornerstone investors including Blackrock Inc., set an indicative price range of 2.67 ringgit to 2.85 ringgit per share for institutions, said the people, who declined to be named as the information is private. IHH is controlled by Malaysia’s state investment company Khazanah Nasional Bhd.

While IHH Healthcare is one of the few available plays on the healthcare sector in the region, where rising incomes are stimulating demand for better services. The institutional placement part of IHH Healthcare’s initial public offering has drawn strong investor demand so far and has been over-subscribed, the Dow Jones news agency reported Wednesday, citing a banker on the deal.

“I can’t give the details for now, but I can say as of this morning (the response) has been fantastic,” Ms Kong Sooi Lin, deputy chief executive of CIMB Investment Bank, said at a news conference in Singapore. “The books are way over-covered.”

IHH, controlled by Malaysian investment firm Khazanah Nasional, plans to sell up to 2.23 billion shares including 434.65 million existing shares and 1.8 billion new shares in a dual listing in Singapore and Malaysia.

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