(Corrects to show Healthscope is second-biggest private
* Sale would be Australia's third-biggest IPO ever -data
* IPO prospectus expected as early as end June -source
By Stephen Aldred
HONG KONG, June 20 Private equity firms TPG
Capital and Carlyle Group are planning to raise about
A$2.5 billion ($2.4 billion) in an initial public offering of
shares in Healthscope Ltd, Australia's second-biggest private
hospitals operator, a source with direct knowledge of the plan
Amid a banner year for Australian IPOs, Healthscope's owners
are on a roadshow in Asia, lining up cornerstone investors
before filing the IPO prospectus by end-June or early July, the
A $2.4 billion listing for Healthscope would be the
country's third-biggest ever. It would be the largest since rail
freight company QR National Ltd, now known as Aurizon Holdings
Ltd, raised $4.4 billion in 2010, according to Thomson
Healthscope's private equity owners have explored three
options as they looked to cash in on strong demand for quality
healthcare assets, according to the person familiar with the IPO
plan: a listing, a sale to a trade buyer, or a spin-off of
property assets via a trust.
But with the revival in Australia's IPO market,
Healthscope's owners are now in favour of a listing. A final
decision to formally trigger the share sale process has yet to
be made, said the source.
Healthscope has an equity value of about A$4 billion and
including debt, it will have a valuation of between A$4.5
billion and A$5 billion, the person said. The source declined to
be identified as the details of the plans were not public.
The two firms acquired Healthscope for A$1.99 billion in
2010 and each owns 50 percent of the company. Healthscope, which
owns 44 private hospitals in Australia, reported A$328 million
in operating earnings before finance costs, income tax,
depreciation and amortisation for the year ended June 2013.
An external spokeswoman representing all three firms - TPG,
Carlyle and Healthscope - declined to comment.
($1 = 1.0639 Australian Dollars)
(Additional reporting by Byron Kaye in SYDNEY; Editing by Denny
Thomas and Kenneth Maxwell)