NMC Health prices shares

22 March 2012

Abu Dhabi-based healthcare firm to list 25 per cent of shares

Abu Dhabi-based healthcare provider NMC Health has priced its shares at £2-2.80 ($3.1-4.4) a share for its London Stock Exchange (LSE) listing set to take place in early April.

 “Since it is being listed on the LSE, 25 per cent of the company will be floated,” says a source at one of the banks working on the initial public offering. A 15 per cent green-shoe option will be exercised if demand exceeds expectations, so that more shares can be released to the market.

The evaluation of the company is set to be completed within the next two weeks, according to the source.

NMC Healthcare had initially planned to raise $250m from the flotation, but depending on market conditions it could go down to $175m or as much as $281m.

The company launched investor roadshows in London this week and plans to stop at Dubai, Abu Dhabi, Frankfurt and the US before the end of the month.  

The capital raised will be used to fund NMC Healthcare’s expansion in the Middle East and North Africa region.

Germany’s Deutsche Bank is the sole sponsor, global co-ordinator and bookrunner for the offer, while UK-based Numis Securities Limited and UAE investment bank Shuaa Capital are acting as joint lead managers.

NMC Healthcare reported revenues of $444m in 2011, with adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) of $70.5m.

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