* Goldman, DBS, Credit Suisse added as bookrunners-sources
* Company may consider dual listing in Singapore-sources
(Adds detail on banks, Asia IPO market)
By Daniel Stanton and Saeed Azhar
SINGAPORE, Dec 2 Malaysian state investor
Khazanah has hired six banks to manage the listing of its
healthcare unit next year in a deal that could be around $1.5
billion and potentially the country's fourth-biggest initial
public offering ever.
Goldman Sachs, DBS and Credit Suisse
were added as joint bookrunners for the IPO, two
sources with knowledge of the deal said on Friday.
The banks join Bank of America-Merrill Lynch, Deutsche
and CIMB, who were appointed as joint
global coordinators and bookrunners for the deal, sources said.
"There are six banks on the deal," a source with knowledge
of the matter told Reuters.
The IPO is set to be the second major deal in Kuala Lumpur
in 2012, when Malaysian plantation company Felda Global Group
will seek a $2 billion listing.
The Khazanah unit is looking at a potential dual
listing in Singapore, the sources said. The sources declined to
be named because the IPO details are not public.
Khazanah's healthcare business is currently clubbed under
Integrated Healthcare Holdings, in which Japan's Mitsui & Co
owns a 30 percent stake.
The unit to be listed would have assets of Singapore's
Parkway Holdings, which is owned by Khazanah, as well as
Khazanah's stakes in Malaysia-based Pantai Hospitals and the
International Medical University.
It may include potential hospital assets in Turkey, where
the Malaysian investor's unit is nearing a deal to buy hospital
group Acibadem, sources told Reuters.
"It should be a good solid company, but given the current
market conditions, investors will be very picky, not just with
the company to invest in but also the amount of investment they
want to put in," Roger Tan, CEO of SIAS Research, said about the
"The company would have to explain a convincing strategy to
investors and what kind of returns they will get."
The listing plans come as equity capital-raising activities
in Asia remain hostage to choppy markets.
Equity capital market issuance in Asia-Pacific that had
plunged 87 percent in the fourth quarter through early November
has ticked higher in recent weeks, with a $1.2 billion IPO in
Hong Kong by PCCW Ltd's telecom business spinoff, HKT
Trust, large follow on deals in Shanghai and smaller offerings
in Indonesia and Malaysia.
Other large deals are also in the works, with almost $8
billion in IPOs planned in Greater China for the coming two
weeks alone, but lingering concerns over Europe's debt troubles
could weigh on investors' appetite for new issues and pressure
prices, analysts and investors have said.
The planned IPO of Japan's Nikko Asset Management has been
shelved due to weak market conditions and an escalation in the
European sovereign debt crisis, its main shareholder, Sumitomo
Mitsui Trust Holdings, said on Friday.
The Malaysian IPO market has, however weathered the market
storm relatively better compared to Singapore, where a number of
deals, such as Manchester United's listing, were delayed.
Malaysia's Pavilion Real Estate Investment Trust, partly
owned by the Qatar Investment Authority, last month completed
its $223.5 million, the fourth-biggest this year in the country.
Officials with DBS, Goldman Sachs and Credit Suisse declined
to comment. Neither Khazanah nor Integrated Healthcare officials
could be immediately reached.
(Additional reporting by Elzio Barreto in Hong Kong and
Charmian Kok in Singapore; Editing by Muralikumar Anantharaman)