IHH Healthcare withdraws plans for IPO of Agilus Diagnostics in India

Malaysian hospital operator IHH Healthcare and other investors will withdraw plans for an initial public offering of Agilus Diagnostics in India, citing commercial considerations.

IHH said in a filing to the Malaysian bourse Wednesday that the IPO would be scrapped, which comes after it held talks with private-equity investors, indirect subsidiary Fortis Healthcare and Agilus. It added that Agilus, a unit of Fortis, could refile for an IPO in the future.

IHH didn’t elaborate on the commercial reasons for the decision. It said the private-equity investors included the International Finance Corporation, NYLIM Jacob Ballas India Fund III and Resurgence PE Investments. Fortis had acted as promoter.

Agilus filed an IPO prospectus last September. The Gurgaon-based company operates a pathology laboratory network in India. MarketWatch