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Fullerton Health said to eye US IPO after Singapore setback

Bloomberg Published on Fri, May 11, 2018 / 4:54 PM GMT+8

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(May 11): Fullerton Healthcare Corp., the medical service provider that shelved plans for a Singapore initial public offering in 2016, is now aiming to sell shares in the U.S., people with knowledge of the matter said.

The Singapore-based company is starting preparations for a U.S. IPO that could take place as soon as this year, the people said, asking not to be identified because the process is private. Fullerton Healthcare and existing investors had sought to raise as much as $271 million in the city-state in 2016, before deferring the deal amid queries from regulators.

Any U.S. offering could be bigger than the earlier fundraising target, because Fullerton Healthcare has been expanding through acquisitions, said the people. Since deferring its Singapore IPO, it agreed to buy managed care providers in the Philippines and China as well as Healthscope Ltd.’s standalone medical centers business in Australia.