Fullerton Healthcare Said to Win Approval for S$250 Million IPOby
Fullerton Healthcare Corp., a provider of medical services to corporate workers in Asia, won Singapore exchange approval for an initial public offering that could raise about S$250 million ($186 million), according to people with knowledge of the matter.
The Singapore-based company, which is backed by private investment firm SIN Capital Group Pte, aims to start trading by the end of October, according to the people. Fullerton Healthcare’s offering will include a mix of new and existing shares, the people said, asking not to be identified because the information is private.
Fullerton Healthcare joins Raffles Medical Group Ltd. and Healthscope Ltd. in seeking a public listing to tap investor interest in Asia Pacific’s booming medical-services market. The company is selling shares after expanding through acquisitions, spending S$111 million in May last year to buy radiology scan provider Radlink-Asia Pte and buying a majority stake in Hong Kong’s HMMP Ltd. chain of health-care clinics.
An external spokesman for Fullerton Healthcare said he couldn’t immediately comment. The company provides medical services to corporate workers in Asia and owns more than 190 medical centers across five countries, according to its website.