Singapore's Fullerton Healthcare IPO raises a measly $213m

It was priced $1.52 a share.

After it excitedly announced that it is seeking a public listing to tap investor interest in Asia Pacific’s booming medical-services market, Singapore’s Fullerton Healthcare saw a slightly disappointing initial public offering (IPO) result, raising only $213 million.

The report came from IFR, which cited two sources who have insider knowledge about the deal. The sources claimed the pricing was not done publicly.

The IPO was priced at $1.52 a share compared with the indicative range of $1.52 to $1.93. It comprised a base offer of 140.3 million shares, two thirds of which were new. A third were shares sold by existing shareholders.

To recall, Fullerton Healthcare won Singapore Exchange’s approval for an initial public offering that could raise about $250 million.

Fullerton Healthcare joined Raffles Medical Group Ltd. and Healthscope Ltd. in eyeing a public listing to utilise the region’s growing medical-services market.

Last year, Singapore’s IPO activity marked a 17-year low with just US$430 million worth of deals.

This year has brought some relief with a US$519 million listing of Manulife US Real Estate Investment Trust and a US$666 million listing for Frasers Logistics and Industrial Trust.

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