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TPG, Carlyle eye $2.5bn Healthscope IPO

20 Jun 2014

xrayPrivate equity firm TPG Capital and Carlyle are reportedly looking to raise around A$2.5bn ($2.4bn) via an IPO of Australian private hospitals operator Healthscope.

The firms are currently on a roadshow in Asia with plans to file an IPO prospectus by end-June or early July, said Reuters, citing a person with direct knowledge of the plan.

This would be Australia’s largest IPO since 2010 when rail freight company QR National raised $4.4bn via a share sale.

TPG and Carlyle considered an outright sale, a spin-off of the company’s property assets via a trust and an IPO and have yet to make a final decision, said the source.

Healthscope is currently valued at A$4bn including debt and is expected to have a market cap of A$4.5bn to A$5bn.

The firms bought the business for A$1.9bn in 2010 and currently own 50 per cent each.

It has also been reported that China’s Fosun Group was interested in buying Healthscope and that IHH Healthcare was considering a A$5bn bid for the company.

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