(Bloomberg) -- Luye Medical Group, the health-care services provider backed by acquisitive Chinese entrepreneur Liu Dianbo, picked banks to manage a Singapore initial public offering that could raise about $500 million, people with knowledge of the matter said.
Bank of America Corp., Credit Suisse Group AG and UBS Group AG were chosen after submitting proposals earlier this month, according to the people, who asked not to be identified because the information is private. The company, which is a unit of Luye Life Sciences Group Ltd., aims to sell shares this year, one of the people said.
A $500 million offering would be the largest IPO in the city-state from a health-care company in more than five years, according to data compiled by Bloomberg. Luye Medical is seeking funds after expanding through overseas acquisitions including the 2016 purchase of Healthe Care Australia Pty, the nation’s third-largest private hospital operator.
Luye Medical and its partners run about 50 health-care facilities spread across Australia, China, Singapore, South Korea and New Zealand, its website shows. Its clinics and hospitals provide therapies related to oncology, orthopedics, gynecology and the cardiovascular system.
A spokeswoman for Luye Medical didn’t immediately comment. Representatives for Bank of America, Credit Suisse and UBS declined to comment.
Luye Life Sciences separately controls Luye Pharma Group Ltd., a Hong Kong-listed drugmaker with a market of about $3 billion. The pharmaceutical company sells medicines for conditions including cancer and cardiovascular disease.
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