Singapore: Fortis Group, controlled by billionaire brothers Malvinder and Shivinder Singh, plans to list two of its health care entities in Singapore in public offers worth up to $1.5 billion, IFR reported on Friday.
New Delhi-based hospital chain Fortis Healthcare , plans to spin off its assets into a business trust that will list on the Singapore exchange in a $500 million initial public offering, IFR said.
The company also received an approval from its board earlier this month to acquire an 86 percent stake in Super Religare Laboratories, a diagnostic services firm, and is targeting to open at least 25 hospitals in India’s second and third-tier towns over the next two years.
Citigroup, Nomura, RBS, Religare Capital Markets and Standard Chartered have been mandated for the Singapore listing.
Singapore-based Fortis Global Healthcare, the global arm of the group and owned by the Singh brothers, is also planning a share offering worth up to $1 billion, said IFR, a unit of Thomson Reuters.
The company’s assets include Quality Healthcare in Hong Kong, a stake in Dental Corporation in Australia and a 28.6 percent stake in Lanka Hospitals Corp Plc in Sri Lanka.
DBS Bank and Religare Capital Markets have been mandated for the listing.