NMC Healthcare, the Abu Dhabi-based healthcare provider, has announced plans to list on the London Stock Exchange in a bid to fund its ongoing expansion plans.
The company, which ended 2011 with revenues of US$443.7m, intends to raise US$250m via an initial public offering (IPO), which will also be used to finance future growth opportunities.
NMC Healthcare did not state when the lPO would take place, or how much of the company would be floated.
Part of the firm’s expansion includes the continued development of a maternity hospital in Abu Dhabi, which NMC expects to open in the second half of 2012, and the acquisition of Dubai-based medical centre Healthcare Suites in July.
Other projects include construction of a day patient medical centre and pharmacy at Dubai Investment Park, and a similar facility in Mussafah, Abu Dhabi.
NMC also plans to build a hospital at Khalifa City in Abu Dhabi by 2014, and is exploring the possibility of developing a day patient medical centre on Sheikh Zayed Road, Dubai.
Regional expansion is also possible in the future, the company said.
“We believe the next logical step is an IPO to provide further capital for our exciting growth plans,” said NMC’s founder and CEO, BR Shetty.
“This will allow the company to develop existing and new facilities, as well as expand into new high growth markets.
“The IPO will also enhance NMC’s international profile and status with existing and potential customers and suppliers. We have specifically chosen London for the IPO given its deep pool of capital and global profile.”
Funds generated from the IPO will be used in addition borrowings under a new credit facility of up to US$150m.
Deutsche Bank is acting as sole sponsor, global co-ordinator and bookrunner in relation to the IPO. Numis Securities Limited and SHUAA Capital PSC are acting as joint lead managers.
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