Religare Health Trust aiming to raise $417.9 million through Singapore IPO

Religare Health Trust aiming to raise $417.9 million through Singapore IPOReligare Health Trust of the Indian hospital chain operator Fortis Healthcare, is aiming to raise about $417.9 million through an Initial Public Offering at the Singapore Stock Exchange.

Religare will offer 567.46 million shares and it has set an IPO price of S$0.90 per share, according to the final prospectus filed by the company with the Monetary Authority of Singapore. The company will offer 555.46 million shares to institutional investors in Singapore and abroad and the remaining 12 million to the general public.

The IPO will open from 15 October to 18 October, according to the prospectus. The IPO price has been set near to the lower limit in the S$0.88-S$0.97 band set by the company. The company had earlier planned to get listed in the fourth quarter but t had to defer the decision in order to difficult market situation as well as a delay in consolidation of businesses by Fortis Healthcare.

The company is aiming to get listed and started regular share trading by 22 October. This will be the second listing of an Indian company in Singapore following Indiabulls Properties Investment Trust, which raised about $165 million in 2009.