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Abraaj Capital Exits Investment In IHH Healthcare Berhad Through An Initial Public Offering
Published in Amwal Al Ghad on 25 - 07 - 2012

Abraaj Capital, a leading private equity manager investing in global growth markets, announced today the exit of its investment in IHH Healthcare Berhad (IHH) through an initial public offering (IPO) of one of the largest private healthcare providers in the world. Approximately RM 6.26 billion (US$ 2 billion) was raised in the offering, making it the third largest IPO to date this year after Facebook and Felda Global (the Malaysian palm oil producer).
The offering received strong global institutional and retail demand. Over 400 global institutional accounts participated with the institutional books more than 130x covered whilst the Singapore and Malaysia retail offers were each more than 11x and 5x covered respectively. Cornerstone investors, such as Blackrock, Capital Group, Newton Investment Management Limited, Och-Ziff Capital Management Group, Fullerton Fund Management Company (Temasek), The Government of Singapore Investment Corporation (GIC), Kuwait Investment Authority (KIA), Employees Provident Fund Board, and the International Finance Corporation (IFC) accounted for 62% of the share offering.
IHH's debut on the Malaysian and Singaporean bourses on July 25, 2012, will mark the first ever concurrent dual listing on the Bursa Malaysia and the Singapore Stock Exchange, with IHH becoming one of the largest listed private healthcare providers in the world with an expected market capitalization of approximately RM 22.56 billion (US$ 7.1 billion).
Abraaj Capital's original investment in Acibadem in 2007 and subsequent investment in IHH made through its Infrastructure and Growth Capital Fund and Abraaj Buyout Fund II was predicated on a strong belief that rapid demographic changes occurring across the region, coupled with rapidly rising incomes, would lead to increasing demand for quality healthcare which the public sector alone could not provide.
Under the stewardship of Abraaj Capital, Acibadem became one of Turkey's largest private healthcare groups, expanding its presence from 6 to 14 hospitals and increasing bed capacity from 750 to 1850 beds, in the space of four years. During the same period, EBITDA more than tripled and 5,000 new jobs were created bringing value to wider stakeholders. The strategic involvement of Abraaj Capital in its partner companies has continued through its investment in IHH and resulted in the successful start of integration activities between Acibadem and IHH, contributing further to the development of the healthcare industry in high growth markets.
Speaking on the occasion, Arif Naqvi, Founder and Group Chief Executive of Abraaj Capital said: “Today's announcement marks the successful conclusion of an outstanding partnership and a natural closure of the investment cycle of Abraaj Capital's US$ 2 billion Infrastructure and Growth Capital Fund and US$ 500 million Abraaj Buyout Fund II. We are proud to have played a significant role in the success of Acibadem and IHH and to have participated in the development of one of the largest listed healthcare providers in the world. The success of this transaction makes clear that IHH remains extremely well-positioned in a fundamental and dynamic sector."
Omar Lodhi, Senior Partner and Asia Regional Head, Abraaj Capital, who served on the Board of IHH, noted: “IHH's successful IPO validates our philosophy of investing in high-growth regions and high-impact sectors. We want to thank the management team at IHH, as well as the team at Khazanah and Mitsui, with whom we have worked very closely in our collective drive to create long-term value and global best practice in the healthcare sector".
Tan Sri Dato' Azman Hj Mokhtar, Managing Director, Khazanah Nasional Bhd, said: “We would like to express our appreciation to Abraaj Capital for their important role in facilitating a highly successful IPO. We have enjoyed the partnership with Abraaj Capital and congratulate them for their contribution in growing Acibadem to be a world class healthcare business and now a significant part of IHH."
BofA Merrill Lynch, CIMB and Deutsche Bank acted as the Joint Global Co‐ordinators and, together with Credit Suisse, DBS Bank and Goldman Sachs, Joint Bookrunners for the IPO. CIMB was the Principal Adviser, Managing Underwriter for the Malaysia Public Offering and Sole Coordinator for, and together with Maybank, Joint Bookrunner of, the MITI Tranche. CIMB and DBS Bank were Singapore Issue Managers for the Singapore Offering. Freshfields Bruckhaus Deringer acted as legal advisors to Abraaj Capital for the IPO


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