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In today’s capital markets, investor confidence is built on data, transparency, and credibility. For companies pursuing an Initial Public Offering (IPO), especially in complex industries like healthcare, the ability to validate market opportunities with fact-based insights is critical.
That’s where Independent Market Research (IMR) comes in. While not mandated by regulators, IMR has become a best practice in IPO readiness. It helps companies educate investors, strengthen disclosures, and demonstrate why their growth story is both compelling and achievable.
In Indonesia, two leading private hospital networks—PT Medikaloka Hermina Tbk and PT Siloam International Hospitals Tbk—leveraged Frost & Sullivan’s IMR to support their IPOs, raising more than $200 million combined. Their success illustrates how independent research powers healthcare IPOs in emerging markets.
Why Independent Market Research Is Critical for IPO Readiness
For IPO-bound companies, IMR provides an objective, third-party view of the industry landscape. These builds trust among institutional and retail investors, as well as regulators.
Key benefits include:
- Industry context: Explains the total addressable market and future growth drivers.
- Competitive positioning: Benchmarks the company against peers domestically and globally.
- Investor education: Simplifies complex healthcare dynamics for generalist investors.
- Regulatory credibility: Strengthens disclosures in IPO prospectuses with fact-based validation.
💡 Question for reflection: If your company were preparing for an IPO today, could you confidently demonstrate your industry positioning and growth opportunity to sceptical investors?
As Sanjay Singh, Associate Partner at Frost & Sullivan, explains:
“IMR isn’t just about numbers. It’s about creating clarity, building trust, and giving investors the confidence that the market opportunity is real and that the company is well-placed to pursue it.”
In fast-growing markets like Indonesia, where demographic shifts, regulatory frameworks, and healthcare access gaps all influence investment decisions, IMR provides the confidence investors need.
Case Study: PT Medikaloka Hermina Tbk
Company focus: Affordable, high-volume care in obstetrics, gynaecology, and paediatrics with a strong presence in Tier 2 cities.
How IMR helped:
- Highlighted demand drivers in women’s and children’s healthcare.
- Identified regional supply gaps and underserved patient groups.
- Mapped Hermina’s differentiation versus public hospitals.
Impact:
- Raised IDR 1.3 trillion (~USD 92 million).
- Achieved 29x retail investor oversubscription.
- Positioned as a community-focused, inclusive healthcare brand.
💡 Question for reflection: What would it mean for your IPO journey if retail investors oversubscribed your offer 20 times over? What would it take to build that level of trust?
By embedding IMR insights into its IPO prospectus and investor roadshows, Hermina built a credible narrative around inclusive healthcare growth in Indonesia.
Case Study: PT Siloam International Hospitals Tbk
Company focus: Premium tertiary healthcare services, complex procedures, and specialty care with national scale.
How IMR helped:
- Delivered demand forecasts across multiple Indonesian regions.
- Benchmarked pricing, capacity utilization, and service expansion.
- Compared Siloam with other Southeast Asian hospital networks.
Impact:
- Raised IDR 1.3 trillion (~USD 115 million).
- Expanded into underserved provinces.
- Strengthened its image as Indonesia’s premium private healthcare anchor.
💡 Question for reflection: When presenting to institutional investors, do you have the independent benchmarks and peer comparisons needed to validate your growth ambitions?
By integrating IMR into offering circulars and pre-IPO roadshows, Siloam reinforced its credibility with institutional investors.
How IMR Builds Investor Confidence in Healthcare IPOs
Across both IPOs, IMR proved to be a strategic differentiator:
- Independent validation: Neutral, fact-based analysis reduced investor risk perception.
- Differentiated positioning: Tailored insights highlighted unique strengths of each company.
- Investor confidence: Supported oversubscription and strong institutional participation.
- Faster diligence: Simplified alignment between banks, advisors, and regulators.
💡 Question for reflection: If investors challenged your prospectus tomorrow, would you have the independent, fact-based insights needed to defend your projections?
The results speak for themselves: together, Hermina and Siloam raised over $200 million, demonstrating that Independent Market Research accelerates capital raising in healthcare IPOs.
Frost & Sullivan: Your Partner for IPO Readiness
Frost & Sullivan has supported numerous equity and debt transactions across Asia-Pacific, including IPOs, bond issuances, and private placements. Our expertise lies in simplifying complex healthcare markets for investors while maintaining neutrality and credibility.
Why Frost & Sullivan for IMR?
- Trusted by APAC’s leading investment banks and advisors.
- Deep healthcare expertise across ASEAN, India, and emerging markets.
- Proven ability to accelerate due diligence and investor alignment.
Are You IPO Ready?
Whether preparing for an IPO, a private equity round, or a corporate bond issuance, Frost & Sullivan’s Independent Market Research can help your growth story resonate with the right investors, at the right time.
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