SINGAPORE: Units of Religare Health Trust, which owns hospital-related assets, fell as much as 2.8 percent below its initial offering price in its market debut on Friday.
By 0403 GMT, Religare's units were traded at S$0.88, compared to an IPO price of S$0.90. The trust, whose assets are managed by Indian hospital group Fortis, raised S$511 million through the IPO.
Religare has a mandate to invest in medical and healthcare assets and services in Asia, Australasia and emerging markets. CIMB, DBS, Nomura Holdings, Religare Capital Markets and Standard Chartered are joint bookrunners for the IPO with Citigroup as joint lead manager.
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