US PRIVATE equity giants TPG Capital and Carlyle Group aim to raise up to A$2.57bn (£1.4bn) by listing Australian hospital operator Healthscope, in what is shaping up as the country's third-largest initial public offering.
The listing of Australia's secondlargest private hospital company continues the rush of buyout firms offloading assets on to the market as it trades near record levels.
Australian IPOs have raised A$4.8bn in the first half of 2014, making the country the word's fifthbiggest IPO market, Cornerstone investors, which Cooke and Healthscope's owners declined to identify, have already committed to about A$1.7bn of the IPO and those representing about half that amount had already agreed to a price near the top of the range of A$1.76-A$2.29 per share, he said.
Healthscope plans to announce the final price on 25 July, before conditional trading begins on 28 July. The number of Australians with private health insurance - the biggest driver of private hospital revenue - has risen from 9.8m to 11m since 2009, just under half the population, as the state pays a 30 per cent rebate on private health insurance premiums.