nmc london ipo raises 187m
Last Updated : GMT 23:22:32
Arab Today, arab today
Arab Today, arab today

NMC London IPO raises $187m

Arab Today, arab today

Arab Today, arab today NMC London IPO raises $187m

Dubai - Arabstoday

NMC Health becomes the first Abu Dhabi-based company to list on the premium listing segment of the London Stock Exchange by raising $187 million for its initial public offering (IPO). Founded by Dr. B.R. Shetty, the UAE’s healthcare provider sold 55.7 million new shares at 210 pence each, the company said in a statement. A 15 per cent ‘greenshoe’ option could be exercised at a later date, it added. The shares jumped to 220 pence at 8:40 am in London. “Conditional dealings” started on Monday and full trading will commence April 5. “I am very delighted to see the first Abu Dhabi-based company on London Stock Exchange and the money we raised will help us to improve our facilities and build more developments to serve people in a better way,” managing director and chief executive officer Dr Shetty told Khaleej Times over phone from London on Monday. Talking about new facilities, he said a new $60 million 100-bed maternity home will be inaugurated on August 1 in Abu Dhabi. The company is also working on a 50,000 square metres facility in Khalifa City, Abu Dhabi, and all necessary approvals have been obtained to start construction, he said, adding that it will be a 250-bed hospital. He also talked about three day care centres, which are under renovation stage in Dubai and Abu Dhabi. With a 37-year history, NMC is one of the largest private sector healthcare providers in the country and operates general and specialised hospitals, pharmacies and medical centres. “This is an exciting moment for NMC and testament to the quality of its business and track record. The company is operating in a dynamic region with strong growth potential and very favourable demographics. This offering will enable NMC to capture these opportunities, and cement its position as a leader in the UAE healthcare market,” Saeed bin Butti, Non-Executive Director, said. Mark Tompkins, Non-Executive Chairman, said: “I look forward to working with the Board and management team to accelerate NMC’s impressive growth trajectory as a public company and deliver strong returns to our international shareholder base.” Deutsche Bank is acting as sole global co-ordinator, sole sponsor and sole bookrunner to the listing. Numis Securities Limited and SHUAA Capital are acting as Joint Lead Manager and One Financial Markets and Deloitte Corporate Finance are acting as Financial Advisers. Khalifa bin Butti, executive vice chairman of NMC, said: “We are delighted to see that such a broad range of shareholders have taken the opportunity to invest in NMC, which is a clear leader in its field. NMC has an exceptional track record and growth story with a management team in place that can continue to drive the business forward.” Earlier this month, the company said it was seeking to raise as much as $250 million. NMC said based on the offer price, it will have a market value of about £390 million.

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