China pharma Luye said to mull US$500 mil Singapore IPO of clinic arm

(Jan 24): Luye Life Sciences Group, run by acquisitive Chinese entrepreneur Liu Dianbo, is considering a Singapore initial public offering of its health-care services arm that could raise as much as US$500 million ($657 million), people with knowledge of the matter said.

The company’s Luye Medical Group unit plans to evaluate proposals from investment banks as soon as next month, according to the people. The Singapore-based company aims to sell shares later this year, the people said, asking not to be identified as the discussions are private.

A US$500 million offering would be the largest IPO in the city-state from a health-care company in more than five years, according to data compiled by Bloomberg. Luye Medical is seeking to raise funds after expanding through overseas acquisitions including the 2016 purchase of Healthe Care Australia Pty, the nation’s third-largest private hospital operator.

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