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Al Noor Hospitals IPO raises $342m
Abu Dhabi’s Al Noor Hospitals Group raised $342 million from its initial public offering (IPO) on the London Stock Exchange.
The largest healthcare group in Abu Dhabi has successfully priced its IPO of 38.5 million shares at £5.75 per share.
The company will be admitted to the premium listing segment of the Official List of the UK Listing Authority and to trading on the main market for listed securities of the London Stock Exchange. Conditional trading is expected to start this morning and unconditional trading is expected to commence with admission on June 26.
The market capitalisation of Al Noor at listing will be $1.039 billion. Al Noor will have a free float of 32.9 per cent.
The offer has raised gross primary proceeds of approximately $150 million to finance future organic and acquisition growth.
The IPO comprises an issue of 16.9 million new shares by the company and a sale of 21.6 million existing shares held by the company’s current shareholders.
The selling shareholders are Astro II SPV, an affiliate of Ithmar Capital, which has retained a stake of 28 per cent of the enlarged share capital and Dr Kassem Alom and Shaikh Mohammed bin Butti who retain stakes of 11 per cent and 28 per cent respectively.
Conditional dealings are expected to commence at 8.00am on June 21 on the London Stock Exchange under the ticker symbol ANH. Admission of Al Noor’s shares to the Official List of the London Stock Exchange will become effective and unconditional dealings will commence at 8.00am on June 26.
Dr Kassem Alom, chief executive officer, Al Noor Hospitals Group, said the raised funds will help pursue expansion plans to support the group’s continued growth within Abu Dhabi, other emirates and the wider GCC.
“This will include the development of existing hospitals, growing our network of outpatient medical centres and pursuing organic and acquisition growth,” he said.
With the largest market share in Abu Dhabi among private healthcare service providers, Al Noor treated 1.454 million outpatients about 35 per cent market share and with 32,399 inpatients, its market share is 39 per cent, more than double the share of its next private competitor.
— haseeb@khaleejtimes.com
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