The IPO Buzz: LatAm Healthcare Provider Auna (AUNA) Unveils Terms for $420 Million IPO

(Editor’s Note: Updates column to add Santander as a global coordinator and joint book-runner in the second paragraph.)

Auna S.A. (AUNA Proposed), a provider of prepaid healthcare plans in its native Peru and the operator of hospitals and clinics in Peru, Mexico and Colombia, disclosed the terms for its IPO early today (Thursday, March 14, 2024): 30.0 million Class A ordinary shares at $13.00 to $15.00 to raise $420.0 million – if priced at the $14.00 mid-point of its range. The IPO is expected to price next week – on Thursday, March 21, 2024, to trade Friday, March 22. This is a New York Stock Exchange listing.

Morgan Stanley, J.P. Morgan, BTG Pactual and Santander are the IPO’s global coordinators and joint book-runners. Citigroup and HSBC are also joint book-runners.

Auna, based in Lima, Peru, would have a market cap (valuation) of about $1.03 billion, if the IPO is priced at the $14.00 mid-point of its range.

The company will use most of the IPO’s proceeds to repay debt related to acquisitions in 2022, the prospectus says.

For Auna, today’s SEC filing marks its second attempt to go public. Auna previously filed to go public in 2020, but that registration was withdrawn in 2022.

“We operate hospitals and clinics in Spanish-speaking Latin America – specifically, in Mexico, Colombia and Peru. We also provide prepaid healthcare plans in Peru. We provide dental and vision plans in Mexico,” Auna says in the prospectus.

As of Dec. 31, 2023, Auna’s network of facilities included 15 hospitals with 2,301 beds and 16 outpatient, prevention and wellness facilities in Mexico, Peru, and Colombia, according to the prospectus.

“Our mission is to lead the transformation toward a significantly improved and highly integrated healthcare system throughout Spanish-speaking Latin America (“SSLA”),” the prospectus says.

“Our focus lies in providing access to high-quality healthcare, prioritizing prevention and concentrating on some of the high-complexity diseases that contribute the most to healthcare expenditures, such as oncology, traumatology and orthopedics, cardiology and neurological surgical procedures. Our model offers an accessible and integrated healthcare experience to a broad segment of the population in the markets we serve.”

Auna is not profitable. For the 12 months that ended Dec. 31, 2023, Auna reported a net loss of $57.9 million on about $1.05 billion ($1,046.1 million) of revenue, according to the prospectus.(These figures are in U.S. dollars converted from soles (Peru’s currency, the sol), according to the prospectus.

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