September 28, 2012 / 2:33 PM / 6 years ago

Religare sets price range for $448 million Singapore IPO

SINGAPORE (Reuters) - Religare Health Trust (RHT), which will own hospital-related assets managed by Indian hospital group Fortis (FOHE.NS), plans to raise as much as S$550.5 million ($448 million) in a Singapore listing, according to its prospectus lodged on Friday.

Religare Health, structured as a business trust, is the first such listing in Singapore of a trust with Indian healthcare assets.

The company plans to sell as much 567.5 million shares at an indicative price range of S$0.88 to S$0.97 a unit for its planned listing in Singapore, according to its prospectus, confirming an earlier report by IFR, a Thomson Reuters publication.

Religare Health has a mandate to invest in medical and healthcare assets and services in Asia, Australasia and emerging markets.

The price range translates to a forecast dividend yield of 8.5 percent to 9.1 percent for its financial year that ends in March 2013.

The book for the offering will be launched on Monday and pricing will be on Oct 9. Around 97 percent of the offer is for institutional investors and the rest for retail.

A wholly-owned subsidiary of Fortis will hold 28 percent stake in the listed entity.

CIMB (CIMB.KL), DBS (DBSM.SI), Nomura (8604.T), Religare Capital Markets and Standard Chartered (STAN.L) are joint bookrunners for the IPO with Citigroup (C.N) as joint lead manager.

Reporting by S Anuradha of IFR and Saeed Azhar. Editing by Jane Merriman

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