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IHH - Former Parkway - Healthcare Stock
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sanuks
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04-Jul-2012 12:44
Yells: "Dont jump on moving train, you will hurt yourself - JIM ROGE" |
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- Reuters - Malaysia to grab Asia IPO top spot with $2 billion IHH listing(Reuters) - Malaysia launched on Tuesday the $2 billion initial public offering of state-backed hospital operator IHH Healthcare Bhd, marking the third biggest listing of the year globally and cementing its status as Asia's top IPO destination for 2012. The sale of shares in IHH follows the $3 billion listing on the Malaysian bourse last week of palm oil firm Felda Global Ventures Holding (FGVH.KL), which was the world's biggest IPO of the year after Facebook Inc (FB.O). IPOs in Malaysia, where the equity market is dominated by local investors and a large domestic pension fund system, have defied a trend in financial markets such as Singapore, where motor racing firm Formula One decided to postpone its near $3 billion flotation. Adding to the flurry of IPO activity in Kuala Lumpur, three sources with direct knowledge of the deal said pay TV operation Astro All Asia had hired Credit Suisse (CSGN.VX), Goldman Sachs (GS.N) and JPMorgan (JMP.N) to advise on a $1 billion float. The IHH IPO prospectus was launched at an event in the Malaysian capital, continuing Prime Minister Najib Razak's drive to monetize state-linked assets and boost the economic feel-good factor ahead of a general election due by next March. CIMB Group Chief Executive Nazir Razak, brother of the prime minister and head of the investment bank that is lead global co-ordinator of the listing, said IHH's market value of 22.9 billion ringgit ($7.24 billion) based on an indicative price of 2.85 ringgit per share would place it second behind HCA Holdings (HCA.N) - the world's largest listed healthcare provider. " Malaysia looks set to be Asia's top IPO market this year, a testament to both the quality of companies being listed and the resilience of the Malaysian equity market," Nazir told reporters. Sovereign wealth fund the Kuwait Investment Authority, asset manager Blackrock and 20 other big " cornerstone" investors have committed to buy nearly two-thirds of the IHH shares on offer. Astro All Asia, owned by tycoon Ananda Krishnan, will become the third biggest Malaysian IPO of the year under its plan to re-list by end-September, sources told Reuters. The firm, which had already hired CIMB (CIMB.KL) and Maybank (MBBM.KL), would have a market capitalization of $4.7 billion. But some investors warned Malaysia's top dog IPO status was unlikely to last long. " Malaysia is now the largest IPO market in Asia and surely that is not sustainable," said Abdul Jalil Abdul Rasheed, chief executive officer of Aberdeen Islamic Asset Management Sdn in Kuala Lumpur. " I think it's just that Malaysia is probably having some time in the sun now that other markets are quite weak." SECTOR PLAY IHH, the healthcare arm of Malaysia's state investor Khazanah Nasional, is one of the few available plays on the healthcare sector in the region, where rising incomes are stimulating demand for better services. With its dual listing in Singapore, IHH joins the likes of Kuala Lumpur-listed KPJ Healthcare Bhd (KPJH.KL), Singapore's Raffles Medical Group (RAFG.SI), Bangkok Dusit Medical Services BGH.BK and India's Fortis Healthcare (FOHE.NS). IHH, which counts Japan's Mitsui & Co (8031.T) and Dubai-based Albraaj Capital as shareholders along with Khazanah, embarked on an aggressive overseas shopping spree in recent years. It added Turkish hospital group Acibadem AS (ACIBD.IS), Singapore's Parkway Holdings and India's Apollo Hospitals Enterprise Ltd (APLH.NS) to its local holdings Pantai Hospitals and International Medical University. Khazanah Managing Director Azman Mokhtar said the listing would value its stake in IHH at 11 billion ringgit, an 83 percent jump from its equivalent investment cost of some 6 billion ringgit. " The listing will help to underpin the various governments' sectoral and economic ambitions," said Azman in an earlier speech to investors at the launch. " This includes healthcare as one of the key sectors in Malaysia, promotion of Singapore as a regional and global healthcare hub and Turkey and India as significant and vibrant domestic and medical tourism destinations." IHH has made no mention of plans to use the IPO proceeds for further acquisitions. It said in its draft Singapore prospectus it would use 4.66 billion ringgit ($1.5 billion) to pay down debt, saving some 120 million ringgit ($37.8 million) in interest payments. Total debt stood at around $2.4 billion as of the end of March. BETTER THAN FELDA GLOBAL A strong domestic market could see IHH make a stronger trading debut than Felda Global's 20 percent first day pop when the firm lists on July 25, due in part to its defensive appeal, local investors say. " IHH offers less to the public and institutional investors (10.52 percent) than Felda (26.9 percent), how difficult is it for it to perform the same as Felda?" said a senior official with a Malaysian bank-backed fund management firm. Bookbuilding was starting on Tuesday with an indicative price range of 2.67 ringgit to 2.85 ringgit. The institutional price and final retail price is expected to be fixed on July 12. The 22 cornerstone investors, who also include International Finance Corp, the private investment arm of the World Bank, will buy 1.39 billion of the 2.23 billion shares on offer - just over a quarter of the company - the biggest take-up by such investors of any recent major offering in the region. Up to 1.8 billion new shares in the IPO are on offer, while Abraaj Capital will sell 434.7 million shares in the dual Kuala Lumpur and Singapore listing, the draft prospectus showed. The group posted a profit of 394.117 million ringgit in 2011 versus 574.754 million in 2010 - a drop of 31 percent on higher staff costs. (IMPORTANT) Bank of America-Merrill Lynch (BAC.N), CIMB (CIMB.KL) and Deutsche Bank (DBKGn.DE) are the lead global co-ordinators, with Credit Suisse (MLPN.P), DBS (DBSM.SI), Goldman Sachs and Maybank acting as joint bookrunners in the IPO. ($1 = 1.2668 Singapore dollars) ($1 = 3.1615 Malaysian ringgit) (Additional Reporting by Saeed Azhar in Singapore Editing by Niluksi Koswanage and Alex Richardson) |
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sanuks
Veteran |
04-Jul-2012 12:37
Yells: "Dont jump on moving train, you will hurt yourself - JIM ROGE" |
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- FT UK - IHH extends Malaysia’s big-ticket IPO runMalaysia’s run of big-ticket initial public offerings continued with the pricing on Tuesday of a $2bn float of IHH Healthcare Berhad in what will be the first concurrent dual listing of any company on the Kuala Lumpur and Singapore exchanges. The move comes less than a week after the debut on Bursa Malaysia of Felda Global Ventures, Malaysia’s largest palm oil company, a $3.2bn offering that confounded global market volatility by trading higher on its first day. The IHH listing is a sign of the growth of the private Asian medical sector, which is profiting from a rising middle class increasingly able to spend on healthcare. Hospitals in Singapore and Thailand also are cashing in on growing “medical tourism” by wealthy individuals seeking treatment outside their home country. IHH is owned 62 per cent by Khazanah, Malaysia’s sovereign wealth fund Japanese trading house Mitsui, with 26.6 per cent and Abraaj, a Cayman Islands-incorporated company with 7 per cent. Abraaj is the selling shareholder, and traces its ownership through four subsidiaries above it to The Infrastructure & Growth Capital Fund, a Cayman Islands-domiciled private equity fund that according to the IHH prospectus has 98 unnamed limited partners. The IPO involves an offer of 2.2bn shares made up of 1.8bn new shares and 434m shares by Abraaj. After the listing, Khazanah will own 47.7 per cent and Mitsui 20 per cent. The shares will be priced at up to M$2.85 (US$0.90) each in Kuala Lumpur and up to S$1.18 (US$0.93) for Singapore. The final prices will be set on July 12. Most of the proceeds will be used to pay down IHH debt, according to the prospectus. The Felda and IHH offerings, on track to raise a combined $5.2bn, are set to lift Bursa Malaysia above the Hong Kong exchange as the largest market in Asia for international listings by value, according to Dealogic figures. IHH’s main businesses are hospitals and healthcare centres in Singapore, Turkey, and Malaysia, where it also operates the country’s first private healthcare university. Like Felda, IHH is part of a programme initiated by Najib Razak, Malaysian prime minister, to divest government-linked companies in strategic sectors . Both IPOs have been heavily supported by cash-rich Malaysian pension funds such as the Employees Provident Fund and by big foreign asset managers. Among IHH’s 22 cornerstone investors are Temasek and the Government of Singapore Investment Corporation, the city-state’s investment agencies BlackRock Och-Ziff AIA, the Hong Kong insurer Eastspring Investments, Prudential’s asset management business in Asia and Hotel Properties, run by Ong Beng Seng, the Singaporean tycoon who brought Formula One to the city-state. IHH will be the first company to be dual-listed in Malaysia and neighbouring Singapore at the same time. IHH said the move would be a “major step in creating greater co-operation amongst regional bourses” and open up trading opportunities to individual investors in both countries. Lim Cheok Peng, IHH managing director, said IHH’s increasing scale and leading market positions in Singapore, Malaysia and Turkey will enable the group to capitalise on “an exciting period due to changing demographics that have resulted in growing demand for quality healthcare”. IHH is expected to start trading on Bursa Malaysia and on SGX on July 25. |
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sanuks
Veteran |
04-Jul-2012 12:32
Yells: "Dont jump on moving train, you will hurt yourself - JIM ROGE" |
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- theSunDaily - Bulk of IHH’s IPO proceeds will go to repay borrowings
Posted on 4 July 2012 - 05:37am
 KUALA LUMPUR (July 4, 2012): IHH Healthcare Bhd, Asia's largest healthcare provider, will use more than 90% of the RM5.13 billion proceeds raised from its dual listing exercise in Malaysia and Singapore to repay bank borrowings, said its managing director Dr Lim Cheok Peng. A small portion will be used for its expansion drive which will see the group building 17 hospitals and increasing the number of beds to 8,200 by 2015. As at March 31, IHH operates 4,900 beds in 30 hospitals. IHH's listing exercise involves 2.23 billion shares comprising a public issue of 1.8 billion shares and an offer for sale of 434.65 million shares. It is expected to make its debut on the stock exchanges of Malaysia and Singapore on July 25. The healthcare group is expected to raise up to RM5.13 billion from the 1.8 billion public issue shares based on RM2.85 and S$1.18 apiece. Of the proceeds, 90.9% or RM4.66 billion will be used to repay borrowings in 12 months, RM279 million for working capital and general corporate purposes within 24 months, and RM188 million for listing expenses. Speaking at the launch of IHH's prospectus by Prime Minister Datuk Seri Najib Razak here yesterday, Lim said the company plans to reduce its gearing to two times from the current four. Its debts stand at some RM6 billion while its cash pile is over RM1 billion. On the expansion plan, Lim said IHH has invested 75% or RM3 billion as at June 30, and the rest of the investments will come from the proceeds of its listing and also bank borrowings. " We plan to continue to grow and are in the process of increasing bed capacity at the existing facilities and building new hospitals in home markets of Singapore, Malaysia and Turkey. We also have presence in China, India, Hong Kong, Vietnam and Brunei." IHH owns Parkway Pantai Ltd, which operates nine Pantai hospitals and two Gleneagles hospitals in Malaysia. In Singapore, it operates three hospitals with over 700 beds. It wants to expand to other parts of Europe, the Middle East and North Africa. In Malaysia, Lim said the planned Gleneagles Hospital Medini in Johor and Gleneagles Hospital Kota Kinabalu, Sabah, scheduled to open by 2015, are expected to have a total of 400 beds initially with plans to increase to 550 beds. Its Pantai Hospital Manjung in Perak will operate by early 2014. In Singapore, Lim said the opening of the state-of-the-art Mount Elizabeth Novena Hospital this month will boost the capacity by up to 333 beds. " We currently have two greenfield hospital projects under development in Turkey, which are expected to add an initial combined 188 beds by 2013," he said. In India, he said the company's new joint-venture hospital Gleneagles Khubchandani is scheduled to be opened by year-end. It operates eight clinics and one medical centre in China and Hong Kong. As for the Central and Eastern Europe, Middle East and North Africa (CEEMENA) region, Lim said IHH will further expand its presence and will continually evaluate new greenfield development and selective acquisition opportunities such as its recent acquisition of a controlling stake in Acibadem Sistina in Turkey. It is also eyeing other markets like Albania, Azerbaijan, Greece, Kazakhstan, Iraq, Libya, Romania, Russia, Saudi Arabia and Serbia. |
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sanuks
Veteran |
04-Jul-2012 12:23
Yells: "Dont jump on moving train, you will hurt yourself - JIM ROGE" |
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- Bloomberg - Malaysia’s IHH Healthcare Said to Seek $2 Billion in IPO
By Chan Tien Hin and Manirajan Ramasamy -
2012-07-03T09:39:34Z
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. Malaysia has withstood a global IPO slump, with Felda Global Ventures Holdings Bhd. (FGV) raising $3.3 billion last month in the world’s largest first-time sale since Facebook Inc. Palm oil producer Felda jumped 16 percent in its Kuala Lumpur debut last week after institutional demand for shares exceeded supply by more than 40 times in the offering. “The government may want to ride the good momentum of Felda, which had a very successful IPO,” said Josef Schuster, founder of Ipox Schuster LLC, which invests in global IPOs. “It’s also a value play as most of these privatization deals are priced at a discount like what we saw in Felda.” The benchmark FTSE Bursa Malaysia KLCI Index rose 1.2 percent in June, its steepest monthly gain since March, and closed at a record today amid resilient domestic demand and private investment. Domestic equity offerings jumped by almost threefold in the first half of this year to 10.8 billion ringgit, with Malayan Banking Bhd. leading Bloomberg’s underwriter league table with a 25 percent market share. Facebook DisappointsGlobally, IPOs fell 34 percent to $41.3 billion last quarter as Facebook’s disappointing debut and worsening economic conditions rattled investors, causing companies including Graff Diamonds Corp. to halt or delay offerings elsewhere. “Markets will be markets, but we are confident with the timing,” Nazir Razak, chief executive officer of IPO manager CIMB Group Holdings Bhd., told reporters in Kuala Lumpur today. “We have good momentum here and people are looking at a long- term investment story.” Najib Razak, Malaysia’s Prime Minister and Nazir’s brother, formally released the prospectus in Kuala Lumpur today. Ahmad Shahizam Mohd Shariff, IHH’s head of business development, declined to comment on the price range, according to a spokeswoman for the company. Market SizeThe group plans to sell as many as 2.23 billion shares, according to the prospectus filed with Singapore regulators yesterday. IHH may have a market capitalization of 23 billion ringgit when it begins trading on July 25, according to a company statement. The company has more than 4,900 beds in 30 hospitals under brands including Gleneagles and Parkway, with operations and investments spanning much of Asia, including Malaysia, Singapore and India, according to its prospectus. The group, which also has interests in Turkey, plans 3,300 more beds through new hospital developments and expansion of existing facilities over the next five years, the document shows. “We are not looking at any new acquisitions,” Lim Cheok Peng, IHH’s managing director, told reporters in Kuala Lumpur today. “Our plates are full.” IHH has reserved 62 percent of its IPO for cornerstone investors who must hold the shares for a minimum 180 days, according to the sales document. This includes the Government of Singapore Investment Corp., Temasek Holdings Pte’s Fullerton Fund Management Co. and Malaysian billionaire T. Ananda Krishnan’s Usaha Tegas Sdn., it said. Southeast Asia is weathering a slump in initial share sales better than markets including Hong Kong, as optimism about the region’s economic outlook draws investors to offerings in Malaysia, Thailand and the Philippines. Astro, MalakoffAmong share sales planned for 2012 in Malaysia, Ananda Krishnan is considering a $1.5 billion offering for the local operations of pay-TV broadcaster Astro All Asia Networks Plc, a company official said in March. Credit Suisse Group AG, Goldman Sachs Group Inc. and JPMorgan Chase & Co. were among banks picked to arrange this sale, two people with knowledge of the matter said today. Malakoff Bhd., the country’s largest independent power producer, is inviting proposals from banks to raise about $1 billion, two people with knowledge of the plan said last month. Economic growth in Southeast Asia may accelerate to 5.2 percent this year from 4.6 percent in 2011 amid a recovery in Thailand, according to an April forecast by the Asian Development Bank. Gross domestic product may expand 5.7 percent in 2013, the bank said. ‘Robust’ EconomyWhile Malaysia’s expansion slowed to 4.7 percent in the first three months from 5.2 percent the previous quarter, central bank Governor Zeti Akhtar Aziz said June 7 that “very robust” consumption and private investment will help the economy. At the same time, China and India are losing steam. China cut borrowing costs on June 7 for the first time in three years after five straight quarters of slowing growth. India’s expansion has eased to almost a decade-low. Thailand, whose economy was ravaged in 2011 by the worst floods in almost 70 years, had its biggest IPO since 2006 when Tesco Lotus (TLGF) Retail Growth Freehold & Leasehold Property Fund, controlled by Tesco Plc’s Thai unit, raised 18.4 billion baht ($583 million) in March. In the Philippines, GT Capital (GTCAP) Holdings Inc., owned by billionaire George Ty, raised 18.8 billion pesos ($449 million) in April in the country’s fourth-largest IPO ever. Tesco Lotus shares have advanced 18 percent since the IPO, while GT Capital is up 14 percent from its offer price. To contact the reporters on this story: Chan Tien Hin in Kuala Lumpur at thchan@bloomberg.net Manirajan Ramasamy in Kuala Lumpur at rmanirajan@bloomberg.net To contact the editors responsible for this story: Barry Porter in Kuala Lumpur at bporter10@bloomberg.net Jason Gale in Melbourne at j.gale@bloomberg.net |
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sanuks
Veteran |
04-Jul-2012 12:13
Yells: "Dont jump on moving train, you will hurt yourself - JIM ROGE" |
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Some people question this IPO. Please check this out. http://forums.hardwarezone.com.sg/stocks-shares-indices-92/ihh-ipo-3799577.html |
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candle
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04-Jul-2012 12:11
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@ 1.18 it may be more exp than Parkway @3 need to chk further on the financial detail
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sanuks
Veteran |
04-Jul-2012 12:10
Yells: "Dont jump on moving train, you will hurt yourself - JIM ROGE" |
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- AFP - Malaysia is tipped to be Asia’s top IPO market for 2012 thanks to two of the world’s biggest company listings this year, but analysts say the momentum is likely to fizzle out. At a time of global economic distress, Malaysia’s drive for initial public offerings is being propped up by pre-election encouragement from the government and by cash-rich state funds, the analysts said. But they said the resource-rich, developing Southeast Asian country of 28 million people is not on course to supplant better known IPO capitals in the region such as Hong Kong and Singapore. Felda Global Ventures, an oil palm plantation giant, made its debut on the Kuala Lumpur stock exchange, known as Bursa Malaysia, last Thursday with an IPO that raised US$3.25 (S$4.09) billion. Then on Tuesday, Asia’s largest hospital operator IHH Healthcare announced a plan to raise $2.01 billion through a dual listing in Malaysia and Singapore, targeted for July 25. The public offerings were behind only Facebook’s troubled IPO of US$16 billion this year, which suffered in part from the economic uncertainty gripping bigger stock markets around the world. While English football club Manchester United is now going ahead with a US listing, the volatile climate has forced the delay of other major IPOs planned in Asia, including a US$2.5 billion listing by Formula One in Singapore. But Felda Global and IHH seem set to defy that trend, helped by representing robust and growing industries in commodities and healthcare respectively. Shares in the palm oil company has already surged since its IPO and analysts expect IHH stock will do well too. “We are putting Malaysia on the global map. We are actually now considered a safe haven,” Ooi Chin Hock, a dealer with Malaysia’s M & A Securities, told AFP. IHH has already attracted 22 so-called cornerstone investors, including international fund managers, who have committed to buying more than 60 percent of the 2.23 billion shares on offer. Ooi and others attribute their optimism in part to the support of cash-strong state funds keen to invest, as well as the government’s backing of the IPOs ahead of elections that must be called by next April at the latest. “It’s time for the government to raise funds... The government is actually cashing in,” Ooi said. Felda Global is an arm of the Federal Land Development Authority, a government agency that previously provided land to the rural poor. IHH is majority-owned by sovereign wealth fund Khazanah, which is chaired by Prime Minister Najib Razak. Najib said the IPOs marked milestones in the government’s plan to divest state-linked firms and attract foreign investors for the country to achieve developed nation status by 2020. “I can safely say that this also offers further evidence of the vibrancy and growing depth of our capital markets – once again underlining the fact that Malaysia can claim to be a bright spot on the otherwise dark canvas of global finance,” Najib said at the IHH prospectus launch Tuesday. Nazir Razak, chief executive of financial firm CIMB Group and Najib’s brother, said Malaysia looked set to be Asia’s top IPO market for this year. CIMB is the principal adviser and lead underwriter for the IHH listing. Global accountancy firm Ernst and Young has said Bursa Malaysia was the third-biggest in terms of funds raised in IPOs in the second quarter of 2012, following NASDAQ and the New York Stock Exchange. It said in a release last week that the momentum of IPOs in Southeast Asia was driven by “resilient financial performance, the support of cornerstone investors, pension and other funds, and ample liquidity”. But analysts said the Bursa Malaysia was unlikely to be able to sustain the momentum, noting that it had failed thus far to attract major listings from global players and remained far smaller than regional rivals. Before this year, the last major listing in Malaysia was in 2010 when Petronas Chemicals Group Bhd., a unit of state oil firm Petronas, raised $4.14 billion. Bernard Ching, head of Alliance Research, said big names wanting to list in Asia were still more likely to turn to Hong Kong or Singapore. “In a volatile global market, Malaysia tends to do rather well,” he told AFP. “(But) when the global uncertainties dissipate, IPOs in other markets will also pick up.” |
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sanuks
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04-Jul-2012 12:02
Yells: "Dont jump on moving train, you will hurt yourself - JIM ROGE" |
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- Channel News Asia Malaysia has launched the IPO of hospital operator IHH Healthcare. It looks set to be the world's third largest share offering, and it could cement Malaysia's position as Asia's top IPO destination this year. The proposed listing of IHH has generated quite a lot of excitement. It came hot on the heels of another mammoth IPO, Felda Global Ventures that successfully raised US$3 billion last week. That is why Prime Minister Najib Razak in launching the prospectus on Tuesday said IHH's proposed listing further demonstrates Malaysia becoming the bright spot on an otherwise dark canvas of global finance. " Certainly this has also raised the bar in terms of expectation with respect to current and future listing. But this is no one-hit wonder," he said. The healthcare arm of Malaysia state fund, IHH plans to raise some US$2 billion in its initial share sale that's set to become the third largest this year. Of the base offer of 2.23 billion shares, 62 per cent have been pre-allocated to cornerstone investors. About 350 million shares will be offered to the public in Malaysia and Singapore. First to be dual-listed concurrently on Malaysia and Singapore bourses, IHH shares will be fully fungible. Shareholders will be able to transfer their shares on Bursa Malaysia and trade on SGX, and vice versa. Speaking at a news conference after the launch, IHH Healthcare's managing director said 90 per cent of proceeds raised will be used to pare down the company's borrowings to reduce its gearing from 7.1 times to below 2.8 times, therefore giving the company a lot of headroom to raise funds for future expansion. Dr Lim Cheok Peng, managing director, IHH Healthcare, said: " Look at IHH's footprint today. We can be considered a multinational now, we are in eight countries today. " You can see the scale of this company, also the type of services put in place in all our hospitals ranging from primary care to secondary to tertiary and quarternary care... Because of that I believe it deserves a different set of premiums compared to our peers." Furthermore, 75 per cent of the capex has been spent towards increasing the number of beds to 8,200 by 2015. That's why the company believes there's a lot of upside potential to its shares the offer price of 2 ringgit 85 sen is attractive. In fact, at the current pace, the management believes IHH will overtake HCA listed in NYSE as the number one healthcare service provider in the world in three to five years time. - Channel News Asia |
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wong18
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04-Jul-2012 10:36
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Before Parkway got delisted, it was trading around $3. With IPO price of $1.18, further upside possible. |
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bigman88
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04-Jul-2012 10:14
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Do you think the IPO prices is over? To be frank, I had loss faith in Malaysia Counter. |
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sanuks
Veteran |
04-Jul-2012 10:01
Yells: "Dont jump on moving train, you will hurt yourself - JIM ROGE" |
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KUALA LUMPUR - Malaysia launched yesterday the US$2 billion (S$2.5
billion) initial public offering of state-backed hospital operator IHH
Healthcare, marking the third-largest listing of the year globally and
cementing its status as Asia's top IPO destination for this year. The IHH IPO prospectus was launched at an event in Kuala Lumpur by Prime Minister Najib Razak. The hospital operator is controlled by Malaysia's state investment company Khazanah Nasional. IHH, which has signed up 22 so-called cornerstone investors including Government of Singapore Investment Corp and Temasek unit Fullerton Fund Management, started bookbuilding yesterday with an indicative price range of RM2.67 (S$1.07) to RM2.85 per share in Kuala Lumpur. According to its prospectus, IHH priced the retail portion set aside for Singapore investors at S$1.18 per share. The final prices will be fixed on July 12, followed by the listings on July 25. IHH plans to sell up to 2.23 billion shares including 434.65 million existing shares and 1.8 billion new shares. CIMB Group CEO Nazir Razak, brother of the Prime Minister and head of the investment bank that is lead global co-ordinator of the listing, said IHH's market value of RM22.9 billion based on an indicative IPO price of RM2.85 per share would place it second to HCA Holdings - the world's largest listed healthcare provider. Malaysia has withstood a global IPO slump, with Felda Global Ventures raising US$3.3 billion last month in the world's second-largest listing after Facebook. IHH owns stakes in Singapore's Parkway Holdings, Malaysia-based Pantai Hospitals and International Medical University, and Turkish hospital group Acibadem. Agencies |
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Moneysense
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03-Jul-2012 21:16
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No interest in this ipo?
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Moneysense
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02-Jul-2012 17:54
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Registered already. Will it be listed in Singapore or Malaysia? Can we subscribe via atm? If allocated, how to sell it if it is listed and traded in Malaysia? | ||
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sanuks
Veteran |
27-Jun-2012 16:15
Yells: "Dont jump on moving train, you will hurt yourself - JIM ROGE" |
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Any news on this IPO? | ||
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