Siloam Hospitals launches IPO of up to $225 million

Backed by the Lippo Group, the company offers a unique opportunity to invest in Indonesian healthcare. But it is not cheap and the weakening rupiah remains a concern.

Siloam International Hospitals on Thursday kicked off the institutional bookbuilding for its initial public offering, which gives investors their first ever chance to get exposure to Indonesia’s healthcare sector.

The company, which is part of the Lippo Group and the largest private-sector hospital operator in Indonesia in terms of number of beds, is seeking to raise between Rp1.823 trillion and Rp2.311 trillion $177 million and $225 million.

If successful, it will be the largest IPO in Indonesia year-to-date, ahead of motorcycle and car distributor Mitra Pinasthika Mustika MPM and investment company Saratoga Investama Sedaya, which raised about $150 million each. However, the largest Indonesian equity capital...

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