Malaysia’s IHH makes stock market debut

Kuala Lumpur - Agence France Presse

Chairman of IHH Healthcare Abu Bakar Suleiman (2nd, L) hits the opening gong. AFP photo

Shares in Malaysia’s IHH Healthcare jumped almost 10 percent yesterday as Asia’s biggest hospital operator made its stock market debut in the world’s third-largest IPO this year.

IHH shares opened at 3.07 ringgit ($0.97) in Kuala Lumpur, up from the 2.80 ringgit offer price set for the float which has raised $2.0 billion.

 The company is being dual-listed in Malaysia and Singapore. IHH’s Singapore-listed shares opened at 1.22 Singapore dollars ($0.96), or about nine percent higher. Analysts had forecast a strong debut on expectations for growth in demand for quality medical services from Asia’s expanding middle class.

Fast-growing IHH employs 24,000 people in 30 hospitals and clinics in Malaysia, Turkey, Singapore, China and other Asian markets. IHH owns 60 percent of Turkey’s Acıbadem hospitals.

 “The outlook for them is very positive. We have a growing awareness of healthcare needs in Asia so the demand is there and is increasing,” said Ooi Chin Hock, a dealer with Malaysia’s M & A Securities.