Russian healthcare firm EMC sets IPO pricing, valued up to $1.26 billion
Reuters
Published Jul 07, 2021 02:11AM ET
Updated Jul 07, 2021 02:46AM ET
MOSCOW (Reuters) - Russian private health clinic operator European Medical Centre (EMC (NYSE:EMC)) on Wednesday said the indicative price range for its July initial public offering (IPO) in Moscow has been set at $12.5-14 per GDR, giving it an equity value of up to $1.26 billion.
Financial market sources told Reuters in May the company was considering an IPO as early as this summer and could raise about $500 million.
EMC said the offering, which amounts to up to 40,000,000 global depositary receipts (GDR) and would give EMC a free float of about 44%, is expected to be announced on or around July 15.
Certain existing shareholders, including Igor Shilov, who now holds a 71.2% stake in EMC, will sell GDRs in the company. EMC will not sell any GDRs in the offering, nor will it receive any proceeds.
EMC has said Shilov will remain a significant shareholder in the company after the offering.
Citigroup (NYSE:C) Global Markets Ltd, J.P. Morgan AG and VTB Capital PLC are acting as joint global coordinators and joint bookrunners in connection with the offering.
EMC, which operates a network of medical centres in and around Moscow, reported revenue of 21.3 billion roubles ($295 million) last year, with a compound annual growth rate for 2018-2020 of 18%.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.