Brazilian hospital chain Care has filed for an initial public offering of roughly 790.5 million reais ($139.42 million), amid a dealmaking boom in Brazil's healthcare sector, according to a securities filing on Wednesday.
Care's plans for an IPO follows a raft of share offerings by hospital operators. Rede D'Or successfully concluded in December a 11.4 billion reais IPO and rivals such as Kora Saude Participacoes and Dasa are expected to conclude share offerings in the coming weeks.
Rising demand for services and an aging population have fueled deals in Brazil's healthcare sector, as Reuters reported earlier.
Hospital Care and its shareholders plan to sell at least 31 million shares between 22.50 reais and 28.50 reais. If overallotments are sold, the offering may increase by 35%. The price will be set on April 20.
The hospital operator has among its shareholders Brazilian private equity firm Crescera and Elie Horn, the founder of homebuilder Cyrela.
It operates 11 hospital, with 1,206 beds, and also sells healthcare plans, in a business model similar to Hapvida and Notre Dame Intermedica.
Itau BBA, BTG Pactual, Bank of America, XP, Safra and UBS BB will manage the offering.