(Bloomberg) -- Jubilant Life Sciences Ltd., a roughly $2 billion India-based drug company, is considering a Singapore initial public offering of its pharmaceuticals subsidiary, according to people with knowledge of the matter.
Singapore-based Jubilant Pharma Ltd. has reached out to potential IPO advisers and could award mandates as early as next month, said the people, who asked not to be identified because the deliberations are private. A share sale could take place this year and raise at least $500 million, the people said.
A deal of that size would be the biggest heath-related IPO in the city-state since an offering from Malaysia's IHH Healthcare Bhd. raised $791 million in 2012, according to data compiled by Bloomberg. It would also be only the third health-related IPO bigger than $100 million in Singapore, the data show.
Shares of Jubilant Life Sciences fell as much as 3.6 percent in Mumbai trading Wednesday. Representatives for Jubilant Life Sciences and Jubilant Pharma didn't respond to requests for comment.
Jubilant Pharma, which also has offices in the U.S. and Canada, makes products that address allergies and infections, among other ailments, according to its website. The company issued $300 million of high-yield bonds in Singapore last year.
--With assistance from Elffie Chew and P R Sanjai
To contact the reporters on this story: Joyce Koh in Singapore at jkoh38@bloomberg.net, Andrea Tan in Singapore at atan17@bloomberg.net.
To contact the editors responsible for this story: Ben Scent at bscent@bloomberg.net, Timothy Sifert, Sam Mamudi
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