Fullerton Healthcare IPO prices at low end, raises $213m

SINGAPORE (REUTERS) - An initial public offering for Singapore's Fullerton Healthcare has priced at the bottom of its marketing range, raising S$213 million, IFR reported, citing two sources close to the deal.

The IPO was priced at S$1.52 a share compared with the indicative range of S$1.52-$1.93, the sources said, declining to be identified as the pricing was not public.

Fullerton could not be immediately reached for comment.

The IPO comprised a base offer of 140.3 million shares - roughly two thirds of which were new and a third of which were shares sold by existing shareholders.

There is a greenshoe option of 18.5 million. Excluding the greenshoe, 18.9 per cent of the company will be listed.

JPMorgan and UBS are the joint global coordinators and are also the bookrunners with Credit Suisse, said IFR, a Thomson Reuters publication.

Singapore IPO activity marked a 17-year low last year with just US$430 million worth of deals.

This year has brought some relief with a US$519 million listing of Manulife US Real Estate Investment Trust and a US$666 million listing for Frasers Logistics and Industrial Trust.