NMC Health of U.A.E. Said to Set Price Range for London IPO
NMC Health Plc, a United Arab Emirates-based health-care provider, set a price range of 200 pence to 280 pence to sell shares in an initial public offering, two bankers familiar with the matter said.
The company may raise as much as 179.5 million pounds ($285 million) from the IPO if it prices the shares at the top end of the range and exercises a greenshoe option, said the bankers, who declined to be identified because the matter is private. NMC Health plans to offer 55.7 million shares, or a 30 percent stake, and has an over-allotment of 8.4 million shares, the bankers said.
NMC Health is seeking to raise as much as $250 million and plans to list its shares on the London Stock Exchange, the company said on March 8. Deutsche Bank AG (DBK) is bookrunner and global coordinator of the sale, while Numis Securities Ltd. and Shuaa Capital PSC (SHUAA) are the lead managers.
NMC Health Chief Executive Officer B.R. Shetty wasn’t immediately available for comment. Reuters reported the price range earlier today.