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Published: Thursday May 17, 2012 MYT 11:29:00 AM
KUALA LUMPUR (Reuters): The planned US$1.5 billion listing of Malaysia's Integrated Healthcare Holdings (IHH) is expected to debut on the Malaysian and Singapore bourses by the end of July, two sources with direct knowledge of the matter told Reuters.
The dual listing would be the fourth-biggest initial public offering (IPO) in the city state's history and Malaysia's second-largest this year after the planned listing of Malaysian plantation group Felda Global Venture Holdings.
Southeast Asia has seen a burst of IPOs and deals since the start of the year, as the region's growth has fueled investor interest and stock values.
IHH, the healthcare arm of Malaysia's state investor Khazanah Nasional, has started to invite approved Bumiputra investors to submit expressions of interest in subscribing for its shares, according to the website of Malaysia's Ministry of International Trade and Industry (Miti).
Premarketing is currently being held for a second tranche that will be open to institutional and other investors.
Some 360 million Bumiputra shares are being offered to wealthy investors, according to Miti's website, although it did not give the details of the total number of shares to be offered.
The closing date to apply for the Bumiputra tranche is June 5, the website said.
The IPO prospectus would be launched in early July and the indicative price of the shares for Bumiputra investors would be known on June 1, one of the sources said.
The IPO will be one of the first after elections in Malaysia that are widely expected to be held in June or July. Analysts and investment bankers have said Malaysia's IPO pipeline has slowed ahead of the poll because of concerns of market volatility.
IHH's assets include Turkish hospital group Acibadem AS , Singapore's Parkway Holdings, India's Apollo Hospitals Enterprise Ltd and Malaysia-based Pantai Hospitals and International Medical University.
Khazanah officials were not immediately available for comment. Japan's Mitsui & Co Ltd owns a 26.6 percent stake in IHH, Dubai-based Abraaj Capital holds 7.1 percent and Acibadem chief Mehmet Ali Aydinlar 4.2 percent. Khazanah owns the remaining 62.1 percent.
Bank of America-Merrill Lynch, Deutsche Bank AG and CIMB are joint global coordinators and book runners for the deal. Goldman Sachs, DBS and Credit Suisse are joint bookrunners, a source told Reuters in December.
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