Religare Health Trust (IPO)

Religare Health Trust: Price: $0.90, vs indicative range of $0.88 – 0.97 Offered units: - 567.5m units; to raise $510.8m; - no vendor sales; 12m units for public offer, remainder by placement No. of units: 788.1m Mkt cap: $709.3 m Listing: Main Board Prospective distribution yield: FY13e -- 8.95% (annualized), FY14e -- 9.1% Valuation: 1x P/B Joint bookrunners, underwriters: CIMB, DBS, Nomura, Religare, Standard Chartered Lead manager: Citi Shareholders: - Fortis 28% (220.7m shares, no vendor sales) - Moratorium. 6mths lock up on 100%, then another 6mths lock up on 50% waiver. Indicative timetable: - 9pm, 15 Oct – Opening of public offer - 12pm, 18 Oct – Closing of public offer - 9am, 22 Oct – commence trading