x Abu Dhabi, UAESaturday 22 July 2017

$250 million London listing planned for Abu Dhabi's NMC

Markets Update: NMC Healthcare announces plans for a $250 million listing on the London Stock Exchange.

Dr BR Shetty, Managing Director and CEO of NMC Healthcare. Ryan Carter / The National
Dr BR Shetty, Managing Director and CEO of NMC Healthcare. Ryan Carter / The National

NMC Healthcare, the Abu Dhabi-based healthcare firm, is preparing a US$250m (Dh918.2m) listing on the London Stock Exchange.

The company was seeking investment from UK investors "to finance current expansion plans and fund future growth opportunities," according to a regulatory filing.

The initial public offering (IPO) was the "next logical step" for the company, which has operated in the UAE for 37 years, said Dr BR Shetty, founder, managing director and chief executive of NMC Healthcare.

"This will allow the company to develop existing and new facilities, as well as expand into new high growth markets," he said. "We have specifically chosen London for the IPO given its deep pool of capital and global profile."

NMC Healthcare disclosed revenues of $443.7m for 2011, alongside earnings before interest, taxes, depreciation and amortisation (Ebitda) of $70.5m.

Deutsche Bank is sole sponsor, global co-ordinator and bookrunner on the deal, acting alongside Numis Securities and Shuaa Capital who are joint lead managers.

NMC Healthcare is 30 per cent owned by Dr Shetty, with the remaining shares split between Khalifa Bin Butti, Saeed Bin Butti and Infinite Investment, a firm they jointly own.

In January 2011, NMC Healthcare raised $1 billion through the sale of a 40 per cent to Centurion Investment, an Abu Dhabi-based private equity firm owned by Saeed Bin Butti.

Last month, Centurion Investment took a 40 per cent stake in UAE Exchange, the currency exchange also founded by Dr Shetty, in a deal reported to be worth $2 billion.