(Reuters) – Peruvian healthcare and insurance provider Auna said on Thursday that it aims for a valuation of up to $1.1 billion in its U.S. initial public offering(IPO).
The company, which operates in 3 Latin American countries and is controlled by private equity firm Enfoca, plans to raise up to $450 million by selling about 30 million class A shares priced between $13 and $15 each.
Despite an uneven recovery so far in the year, the U.S. IPO market is expected to rebound in 2024 as bets of a soft landing for the U.S. economy rise, following two weak years driven by geopolitical pressures and the Federal Reserve’s quantitative tightening to get a hold on inflation.
Auna operates 15 hospitals with 2,308 beds across Mexico, Colombia, and Peru, offering oncology treatments alongside health and dental insurance.
The company was founded in 1989 as Oncosalud, offering members prepaid plans with comprehensive services for cancer prevention, detection, and treatment.
The company, which also offers health and dental insurance, is the leading health insurance provider in Peru, with a 29.3% market share, according to a document filed with the U.S. Securities and Exchange Commission.
IPO proceeds would be used to pay off debts and for other general corporate purposes, the company said.
Morgan Stanley, JPMorgan, BTG Pactual, Santander, Citigroup, and HSBC are the joint bookrunners for the offering.
Auna plans to list on the New York Stock Exchange under the “AUNA” ticker.
(Reporting by Pritam Biswas in Bengaluru; Editing by Tasim Zahid)
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