Religare Health Trust (RHT), Singapore’s first business trust comprising healthcare assets in India, began trading today on the mainboard of the Singapore Exchange Securities Trading. It is the largest IPO involving Indian assets in Singapore, and the second largest IPO with a primary listing in Singapore year-to-date.
The offering raised gross proceeds of about S$510.7 million.
A total of 567.455 million common units were offered for subscription at S$0.90 per unit by Religare Health Trust Trustee Manager in its capacity as trustee-manager of RHT.
The offering’s international placement of 555.455 million common units to investors, including institutional and other investors in Singapore was more than 2.3x covered. In addition, at the close of the public offer at 12.00pm on October 18, there were 5,844 valid applications for 173.964 million common units. Based on the 12 million common units available to the public for subscription, the public offer was about 14.5x subscribed.
Standard Chartered Securities (Singapore) was the sole financial adviser for the offering.
Nomura Singapore, Religare Capital Markets Corporate Finance and Standard Chartered Securities (Singapore) were the joint issue managers. CIMB Securities (Singapore), DBS Bank., Nomura Securities Singapore, Religare Capital Markets (Singapore) and Standard Chartered Securities (Singapore) were the joint global coordinators, bookrunners and underwriters. Citigroup Global Markets Singapore is the lead manager.
