Corporate medical service provider Fullerton Health's initial public offering (IPO) has been priced at the bottom of its marketing range, which would raise $213 million.
This is according to a report from the International Financing Review, which cited two sources with insider knowledge of the deal.
The IPO was priced at $1.52 a share, compared with the indicative range of $1.52 to $1.93, the sources said.
They declined to be identified as the pricing was not public.
Fullerton Health, formerly known as Fullerton Healthcare, is the first healthcare company aiming for an IPO on the Singapore Exchange (SGX) mainboard this year.
Founded in 2011 by group chief executive Michael Tan and deputy chief executive Daniel Chan, the group comprises more than 190 medical centres and healthcare facilities owned and operated under brands including Fullerton Health, Jobfit, UrbanRehab, RadLink and Tirta Medical Centre.
According to the preliminary prospectus lodged with the SGX, the IPO will be made up of a base offer of 140.3 million shares - about two-thirds of which are new and about a third of which are shares sold by existing shareholders.
JP Morgan has been appointed sole issue manager for the offering, which will be fully underwritten by JP Morgan, UBS, Credit Suisse and DBS Bank.
Fullerton Health, whose largest shareholder is SIN Capital Group, has also appointed JP Morgan and UBS as joint global coordinators for the offering.
The pipeline of IPOs has shrunk globally amid the weak economy and volatile markets.
But Singapore's IPO market has been showing nascent signs of picking up - listings marginally outpaced delistings on the SGX for the first eight months of this year.
As of the end of August, the combined market capitalisation of new listings was $6.43 billion, while that for delistings was $6.13 billion.
There were 17 IPOs in all, versus 18 delistings.
Last year, there was only one mainboard listing - BHG Retail Reit, worth about $394 million at IPO.
For the whole of last year, less than $1.9 billion was added to the SGX market capitalisation.