Abu Dhabi firm hopes to raise $250m
Abu Dhabi healthcare provider NMC Health plans to list on the London Stock Exchange (LSE) by the beginning of April.
The company hopes to raise $250m from the floatation. It has yet to decide what percentage of total capital it will float, but a decision is expected shortly.
“We have specifically chosen London for the IPO given its deep pool of capital and global profile,” says Bavaguthu Raghuram Shetty, founder and chief executive officer at NMC Health.
Shetty describes the offering as “the next logical step…to provide further capital for our growth plans”.
Germany’s Deutsche Bank is acting as sole sponsor, global coordinator and bookrunner for the offer and investment banks UK’s Numis Securities and UAE’s Shuaa Capital are acting as joint lead managers.
NMC Health will use the proceeds to fund its expansion plans within the Middle East & North Africa (Mena) region. It plans to acquire Dubai’s Healthcare Suites, an operating day patient medical centre by July 2012. It is also developing medical centres in Dubai’s Investment Park and Mussafah in Abu Dhabi. The company has plans to construct a hospital in Abu Dhabi’s Khalifa City by 2014.
NMC Health established operations in Abu Dhabi in 1975.
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