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| IHH Healthcare | |
| Size | $2.1 billion IPO (Malaysia) |
| Joint coordinators | BAML, CIMB, Deutsche Bank |
| Bookrunners | Credit Suisse, DBS Bank, Goldman Sachs |
| return to the Asia Deals of the Year index | |
Large IPOs in Asia last year were something of a rarity. The $2.1 billion July IPO of IHH Healthcare was the largest-ever healthcare IPO in Asia. It was also noteworthy for its concurrent listing on two exchanges in the rising Asean region. And it posted good aftermarket volumes on both, with one-month average daily trading volume of $6.8 million on the Bursa Malaysia and $2.3 million on the Singapore Exchange, the venue for its secondary listing.
The deal was one of the most oversubscribed in Asia in the past three years, with a subscription rate of more than 132 times for the institutional tranche.
Work on the IHH Healthcare IPO started around February, as market conditions provided plenty of early cause for concern. As Pandit puts it: "We were working within a tough climate and a fragile market, and all involved realized it was necessary to focus on cornerstone investors to ensure a successful transaction."