Religare Health Trust is all set to launch a $400 million initial public offering (IPO) in Singapore, in a move help the promoter of the trust, Indian hospitals group Fortis Healthcare to trim down its considerable debt level. The book running lead managers to the issue are Religare Capital Markets, Citigroup, Nomura, Standard Chartered and CIMB.
The trust plans to start the premarketing of the IPO in early September, this year. Further, the issue will be structured as a business trust and will offer a minimum yield of 8.5% to investors and the listing is intended for September end.
Fortis is India's No 2 hospitals operator after Apollo Hospitals Enterprise. As of June-end, the company’s consolidated net debt stood at $1.12 billion. Moreover, Fortis is also taking into consideration an IPO for its diagnostics business SRL Diagnostics in India. Along with this, Religare Health Trust has the mandate to invest in medical and healthcare assets and services in Asia, Australasia and emerging markets.
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