(Bloomberg) — PT Pertamina Bina Medika IHC, Indonesia’s state-owned hospital group operator, is seeking $300 million to $400 million in a funding round ahead of a planned initial public offering, people with knowledge of the matter said.

Pertamedika IHC, as it is known, is working with Deutsche Bank AG on the fundraising, said the people, who asked not to be identified as the information is private. The group has reached out to potential investors, including private equity firms and sovereign wealth funds, to gauge their interest, one of the people said.

The hospital operator aims to complete the funding round in the fourth quarter, the people said. In March, the State-Owned Enterprises Ministry announced plans for a Pertamedika IHC IPO next year.

Deliberations are at an early stage and details such as timing and fundraising size may change, the people said. A representative for Deutsche Bank declined to comment. A representative for Pertamedika IHC said in response to a Bloomberg News query that they could not confirm the information, and declined to comment further.

Investors’ interest in medical care has been rising as the world’s population ages, and as the health-care sector prepares to address a backlog of procedures delayed by the coronavirus pandemic. GIC Pte, Singapore’s sovereign wealth fund, agreed in June to buy a 16% stake in Malaysia’s Sunway Medical Centre for $180 million, while the owners of Fullerton Healthcare Corp. have shortlisted potential buyers for the sale of the Singapore-based medical services provider, Bloomberg News has reported.

Pertamedika IHC, which stands for Indonesia Healthcare Corporation, traces its roots to a single hospital founded in 1967 for employees of state-owned conglomerate PT Pertamina, according to its annual report. The group, which commenced operations in 1999, managed 68 state-owned hospitals and five jointly-operated hospitals as of the end of 2020, the report shows. Pertamedika IHC’s revenue grew 22% to about 5.3 trillion rupiah ($369 million) last year.

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