Heathley Healthcare REIT Initial Public Offering Put On Hold

  • Nov 21, 2018 AEDT
  • Team Kalkine
Heathley Healthcare REIT Initial Public Offering Put On Hold

As per the recent update, Hospital's landlord Heathley Healthcare REIT has postponed its attempted listing on the Australian Securities Exchange.

It came into the picture of the company that the unit holders were off the decision on Wednesday. The brokers of the company were scheduled on that same day to conduct the initial public offering through the book building process.

After seeing the market condition, the manager of Heathley Asset Management told its investors that they are going to defer the planned IPO of Heathley.

After being approved by the unitholders, the management team of the Heathley conducted a road show which engaged both institutional investors as well as retail private client network.

Heathley, after the road show, is delighted to receive support from both the institutional investors and retail private client networks. On the other hand, seeing the market volatility, the company considers that deferring the IPO is in good faith for both the existing fund investors as well as the upcoming new investors.

Peter Davidson who is the head of Pendal Group, also strongly believes that deferring the IPO is a wise decision seeing the condition of the market.

There are other companies as well who is in a line of ASX debut. These companies have also deferred or canceled the presented floats in the second half of this year.

Through IPO, valuing the company at $373 million based on the market capitalization, Heathley had been looking forward to raising $226.4 million in a deal. Dexus which is an ASX listed company was set to take 10% stake in Heathley after being listed on ASX. This was an offer made by Dexus to the company. The IPO will be led by JPMorgan and UBS.

As per the terms and conditions placed in front of the potential investors, around 42 properties were proposed to list along with the company. Each property valued approximately $528.4. These properties were day hospitals, medical centers, and aged care facilities.


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