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HomeCo is targeting $ 600 million on a 4.5 percent return on HealthCo’s IPO

Should HomeCo raise its $ 600 million, it would have the second largest IPO of the year to date and the third $ 500 million deal in the past three years.

Former UBS banker Di Pilla founded HomeCo five years ago with a number of former Masters sites, listed it in October 2019, and is now working on his second spin-off. HomeCo now manages $ 2.3 billion in assets, while spin-off HomeCo Daily Needs owns $ 1.5 billion.

There are nine brokers on board selling HealthCo. Macquarie and Morgan Stanley are at the top as joint lead managers and underwriters, while Morgans is another JLM, NAB is a JLM on the retail side, and co-managers include Bell Potter, Wilsons, Craigs, Escala, Taylor Collison and Crestone.

The IPO is slated to come along with another capital increase for an unlisted and wholesale HealthCo, valued at $ 500 million and due to go live later this year.

It will be the second largest listing of the year after PEXA.

Originally, the company had only planned to raise $ 500 million for HealthCo, but in April it increased that fundraising to $ 1 billion in its listed and unlisted businesses.

It comes just weeks after HomeCo won a highly competitive secret auction to acquire approximately $ 110 million worth of a portfolio of oncology properties from KKR-backed cancer treatment group GenesisCare.

The centers would become part of HealthCo, with the addition of eight oncology centers (each of which will be rented back on a long-term lease to cancer and heart health company GenesisCare) as a win for both HomeCo and HealthCo.

HomeCo also acquired a health center in Morayfield, Queensland and two daycare centers earlier this year for $ 133.2 million. Based on these deals, HomeCo grew the value of its healthcare portfolio to nearly $ 500 million.

A report previously commissioned by HomeCo found there was $ 220 billion of potential investments in hospitals, primary care, childcare, elderly care, and life sciences – the five health sectors it pursues.

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