Fullerton Healthcare 'planning IPO in Singapore'

Fullerton Healthcare Corp, a provider of medical services to corporate workers in Asia, is planning an initial public offering (IPO) in Singapore, say people with knowledge of the matter.

The firm is working with JPMorgan Chase & Co, Morgan Stanley and UBS Group on a share sale that may take place next year, they added.

The IPO could raise as much as US$300 million (S$420 million), the people said, asking not to be named as the information is private.

Singapore-based Fullerton joins Raffles Medical Group and Healthscope in seeking a public listing to tap investor interest in the Asia-Pacific's booming medical services market.

It is planning a share sale after expanding through acquisitions, spending $111 million in May to buy radiology scan provider Radlink-Asia and agreeing in August to buy control of Hong Kong's HMMP chain of clinics.

Fullerton, backed by private investment firm SIN Capital Group, owns more than 130 clinics serving 25,000 firms in Singapore, Malaysia, Australia, Indonesia and Hong Kong, according to its website.

A representative for Fullerton said an IPO is "one of many ways" to raise capital for expansion, declining to comment further.

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A version of this article appeared in the print edition of The Straits Times on October 14, 2015, with the headline 'Fullerton Healthcare 'planning IPO in Singapore''. Print Edition | Subscribe