Al-Noor Hospitals Group expects to raise between $320m and $390m by selling a third of its shares through an initial public offering on the London Stock Exchange (LSE), the company said on 10 June. Almost half of that – $150m – will be raised through the issuances of new shares.
The Abu Dhabi-based healthcare provider is targeting a price of £5.25 to £7.25 per share.
Part of the capital raised through the offering will be used to acquire a speciality centre and a group of medical centres worth $50m combined. Al-Noor’s capitalisation after the IPO will be between $950m and $1,260m.
Deutsche Bank and Goldman Sachs have been appointed as joint sponsors and global coordinators, with HSBC Holdings as joint bookrunner.
Al-Noor is eyeing a premium segment listing, which requires companies to comply with the UK’s highest standards of regulation and corporate governance.
It has become a subsidiary of a UK public company, which now controls the assets and businesses of Al-Noor and will eliminate the need for waivers and exemptions for its listing.
The GCC’s healthcare industry is set to grow exponentially over the next few years as a result of a rapidly expanding population, growing figures of lifestyle diseases and deeper insurance penetration.