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Philippine hospital chain Metro Pacific Hospital Holdings files for IPO

Metro Pacific Hospital Holdings Inc. filed with the Securities and Exchange Commission for an IPO on the Philippine Stock Exchange, Reuters reported.

Philippine conglomerate Metro Pacific Investments Corp. owns 85.6% of the hospital chain, while Singapore's GIC Special Investments Pte. Ltd. owns the rest of the unit.

The company — which operates 14 hospitals and a network of primary care clinics and cancer centers — plans to sell at most 457.86 million shares, including the overallotment option, at a maximum share price of 182 Philippine pesos each. Metro Pacific Hospital could raise up to 83.33 billion pesos, Reuters said.

The hospital business has hired UBS, Bank of America Merrill Lynch, CLSA, and JPMorgan to arrange the offering. The IPO is expected to take place in November.

In August, buyout firms KKR & Co., Blackstone Group Inc. and CVC Capital Partners Ltd. were reported to be among investors who have submitted first-round indicative bids for a 40% stake in Metro Pacific Hospital. Metro Pacific Investments was previously reported to be planning to sell its stake in the hospital chain at a valuation of between $2 billion and $2.5 billion.

As of Sept. 4, US$1 was equivalent to 51.88 Philippine pesos.