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 S$271 million ($202 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 a managed care provider in the Philippines, a stake in a Chinese primary care provider as well as Healthscope Ltd.’s standalone medical centers business in Australia.
Fullerton Healthcare, founded in 2011, owns more than 227 medical centers across seven countries and has a network of more than 8,000 medical providers, its website shows.
“As you would expect, Fullerton Health is constantly reviewing the range of options available for funding the next stage of our growth and development, including potentially accessing the international public markets at the appropriate time,” the company said in an emailed response to Bloomberg queries.
An arm of Ping An Insurance (Group) Co., China’s biggest insurer by market value, led an investment of more than 800 million yuan ($126 million) in Fullerton Healthcare last year. The funds will help Fullerton Healthcare expand in China, with an initial plan to set up about 100 clinics in the country, according to a November statement.