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Tue 24 Mar 2015 11:04 AM

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Dubai's Aster DM Healthcare to launch IPO in Q3

Listing may be in Mumbai or London, according to managing director and chairman Dr Azad Moopen

Dubai's Aster DM Healthcare to launch IPO in Q3

Dubai-based Aster DM Healthcare has announced plans to launch its initial public offering in the third quarter of this year.

Speaking to The National newspaper, Aster DM Healthcare’s managing director and chairman Dr Azad Moopen said the company will launch its IPO later this year, but has not finalised where it will be just yet.

“Mumbai and London, these are the two places we are looking at,” Dr Moopen said.

“We are yet to file the papers, which will be done in the next two to three months.”

He added that he hasn’t ruled out a possible listing of its shares in Dubai, and did not give any details about the company’s potential valuation or the size of the IPO.

The privately-held company is understood to have posted revenues of about $600 million for 2014, with as much as 90 percent of that coming from its operations in the GCC region.

Indian cricketing legend Sachin Tendulkar, the company’s brand ambassador, recently opened Aster’s 150th pharmacy in Abu Dhabi (pictured above at a press event with Dr Azad Moopen).

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