SEPTEMBERASIA BUSINESS OUTLOOK9NEWSROOMSOFTBANK'S OFBUSINESS PLATFORM SEEKING IPO IN INDIA WITH ~$1B VALUATIONMalaysia's IHH Healthcare, a major operator of private hospitals across Asia, announced on Wednesday that it will acquire the local private hospital chain Island Hospital in a deal worth 3.92 billion ringgit ($901.15 million) in cash. In June, Reuters reported that IHH and Sunway Medical Centre were among the bidders for the Penang-based hospital, which was acquired by the Asian buyout firm Affinity Equity Partners in 2015.IHH stated in a stock exchange filing that this acquisition will strengthen its foothold in Penang and enhance its competitive position throughout Malaysia.This marks the first major acquisition under the leadership of IHH's group CEO, Prem Kumar Nair, who took over the role in October. Nair, with over 30 years of experience in healthcare, mentioned in a December interview that IHH was exploring further acquisitions in Indonesia and Vietnam."We anticipate significant synergies from this transaction," Nair said in a separate statement.Listed on both the Malaysian and Singaporean stock exchanges, IHH expects to generate over 200 million ringgit in synergies over the next five years following the acquisition.Additionally, the acquisition will help IHH expand its share of the medical tourism market in Malaysia, as Island Hospital is a leader in attracting international patients, accounting for one in three foreign medical travelers to the country. The acquisition will be financed through a combination of internal funds, subsidiaries, and external borrowing, with completion expected by the end of 2024, according to IHH's filing. SoftBank-backed OfBusiness, an Indian platform supplying raw materials to businesses, is planning a stock market debut in India with a potential value of up to $1 billion, a top executive shared with Reuters on Tuesday. The company is in discussions with Bank of America, Citi, JP Morgan, and Morgan Stanley to manage the offering, with plans to go public in the latter half of 2025, according to Bhavesh Keswani, the Chief Financial Officer.The IPO is expected to raise between $750 million and $1 billion, including $200 million in new shares, while the remaining shares will be sold by existing investors to new ones, Keswani explained."The IPO proceeds will be directed toward debt reduction and business expansion," Keswani stated, marking the first time the company has publicly commented on its IPO plans.SoftBank Group and Tiger Global collectively own about 15 percent, while Alpha Wave Global holds an 18 percent stake in the company. According to a senior industry source, OfBusiness, the indian platform is targeting a valuation between $6 billion and $9 billion, though Keswani declined to confirm the figures.Founded in 2015 by husband-and-wife team Asish Mohapatra and Ruchi Kalra, OfBusiness has raised over $800 million from investors, with its last funding round in 2021 valuing the company at around $5 billion. IHH HEALTHCARE ACQUIRES MALAYSIA'S ISLAND HOSPITAL CHAIN FOR MYR 3.92BSEPTEMBERASIA BUSINESS OUTLOOK9
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