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Philippines' largest hospital chain Metro Pacific Hospitals files for IPO

Christian Fernsby |
The Philippines’ largest hospital chain has filed for an IPO, it said in a filing on Wednesday.

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In a filing to the Securities and Exchange Commission, Metro Pacific Hospitals Holdings Inc said it plans to sell as much as 457.86 million shares, including over-allotment option, at a maximum price of 182 pesos ($3.47) per share.

At that price, the hospital group could raise as much as 83.33 billion pesos ($1.6 billion), but price ceilings cited in Philippine IPO filings are tentative.

Metro Pacific Investments currently has an 85.6% stake in Metro Pacific Hospitals, while Singapore sovereign wealth fund GIC owns the rest of the unit.

Under the IPO plan, four-fifths of the shares for sale would come from Metro Pacific Investments, which also has interests in power, water and toll roads.

Metro Pacific Hospitals operates 14 hospitals, many of which are among the Philippines’ largest and most modern. It targets to operate a network of 5,000 beds in the next few years from the current 3,200 beds by acquiring smaller hospitals.

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