Currently, Metro Pacific Investments has an 85.6% stake in Metro Pacific Hospitals, while Singapore sovereign wealth fund GIC owns the rest of the unit.
Under the IPO plan, four-fifths of the shares for sale would come from Metro Pacific Investments – which also has interests in power, water and toll roads.
In the report, David Nicol, CFO of Metro Pacific Investments, told Reuters: “This would be huge for the business and the capital expenditures needed for our hospitals’ continued expansion.”
The healthcare chain has hired UBS (UBSG.S), Bank of America Merrill Lynch, CLSA, and JPMorgan (JPM.N), among others, to arrange the IPO – which is set in November.