Fullerton Healthcare is delaying the share sale following regulatory queries over complaints but the company has said it is hopeful of completing the initial public offering, according to reports.
Citing people familiar with the matter, the Business Times reported that the regulators are seeking Fullerton's answers on complaints it received over concerns about the health care company's business.
Sources told the daily the company is engaging with Singapore regulators though it hasn't given a timeline on the completion of the IPO process. The medical service provider had started taking orders for its Singapore IPO last week.
Fullerton Healthcare had planned to raise S$213 million from the IPO, pricing the offering at S$1.52 a share.
The offering for individual investors was slated to start on Oct 10 according to regulatory filings.
Under the Singapore listing process, investors are allowed to submit comments on IPO prospectuses filed with the Monetary Authority of Singapore (MAS), the central bank. "In assessing any company's suitability for listing, SGX considers a full range of factors including the company's business model, the structure of the business, and the character and integrity of members of its board and senior management," the exchange told the Business Times.
Originally, Fullerton had planned to raise as much as S$300 million by listing on the Singapore exchange. The Singapore-based healthcare company, which has strong footprint in Malaysia, Indonesia, Australia and Hong Kong, said in May that shares would be priced in line with competitors IHH and RMG.
Fullerton Health, which was previously known as Fullerton Healthcare, has almost 200 clinics and facilities in the Asia-Pacific region.
The company aimed to use the funds raised in the IPO for further expansion in the region. Fullerton has made more than 20 acquisitions in the region in the past four years.
Some of the major acquisitions were the S$111 million purchase of radiology scan provider Radlink-Asia in May and the buying of majority stake in Hong Kong medical network HMMP Ltd in August.