Auna S.A. (AUNA), a Latin American healthcare provider backed by Peru’s private equity firm Enfoca, priced its IPO at $12.00 – $1.00 below its $13.00-to-$15.00 range – on 30.0 million shares- the number of shares in the prospectus – to raise $360.0 million on Thursday night (March 21, 2024). Auna raised $60 million less than anticipated. Auna’s stock slid in its debut today – Friday, March 22, 2024 – on the New York Stock Exchange.
Morgan Stanley, J.P. Morgan, BTG Pactual and Santander led the investment banking team as the IPO’s global coordinators and joint book-runners. Citigroup and HSBC also served as joint book-runners.
The IPO’s pricing marked a milestone for Auna. The Peruvian healthcare company had initially filed to go public in 2020. Auna withdrew those plans in 2022.
Auna, based in Lima, Peru, will use most of the IPO’s proceeds to repay debt related to acquisitions in 2022, the prospectus says.
Enfoca, a leading Peruvian private equity firm and Auna’s controlling shareholder, will own about 72.9 percent of the company’s Class B shares – or 68.3 percent of the combined voting power of Auna’s outstanding stock – after the IPO, according to the prospectus.
A cornerstone investor, AFP Integra S.A., had indicated an interest in buying up to $100.0 million of Class A ordinary shares at the IPO price, the prospectus says.
Auna provides prepaid healthcare plans in Peru as well as dental and vision plans in Mexico. The Peruvian company also runs hospitals and clinics “in Spanish-speaking Latin America – specifically, in Mexico, Colombia and Peru,” the prospectus says.
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.
Auna reported a net loss of $57.9 million on about $1.05 billion in revenue for the 12 months that ended Dec. 31, 2023, according to the prospectus.
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