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Mon 28 Oct 2019 09:45 AM

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UAE billionaire mulls IPO of pharmaceuticals business

Bavaguthu Raghuram Shetty says work on potential share sale is at an initial stage

UAE billionaire mulls IPO of pharmaceuticals business

Abu Dhabi-based billionaire BR Shetty.

Abu Dhabi billionaire Bavaguthu Raghuram Shetty, the founder of two London-listed companies, is considering selling shares in his pharmaceuticals business.

"It makes sense to take it down this path where an IPO as an option is a good thing," said Binay Shetty, chief executive officer of BRS Ventures. Work on the potential share sale in Neopharma is at an initial stage, he said.

Shetty said the business could be listed in the next three years but that there was no decision on whether to return to London again. "We want to work on this for the next six months internally."

Shetty’s father founded London-traded NMC Health Plc and Finablr Plc, the payments processor that went public in May. Neopharma currently operates in about 50 markets, including Middle East, Africa and Asia.