By Andrei Skvarsky.
United Medical Group CY PLC, owner of a clinic chain in the city and region of Moscow known as the European Medical Center (EMC), has set a tentative start date for a planned initial public offering (IPO) – July 15 – and an indicative price range for the sale.
The IPO would run on the Moscow Exchange with Citigroup Global Markets Limited, J.P. Morgan AG and VTB Capital plc as joint book runners.
It would involve putting on saleglobal depositary receipts – tentatively 40,000,000 GDRs – representing ordinary shares with an indicative per GDR price of between $12.5 to $14.0, according to a statement from EMC.
The GDRs to be offered would represent a free float of 44 per cent of United Medical Group’s capital.
The offering price is expected to be announced around July 15.
After the IPO, United Medical Group, which is domiciled in Cyprus, would have a market capitalisation of between $1.125bn and $1.260bn.
Most of the GDRs to be offered would come from INS Holdings Limited, which holds a stake of 71.2 per cent in United Medical Group, Hiolot Holdings Limited (20.8 per cent), and Greenleas International Holdings Ltd, a company owned by Russian billionaire Roman Abramovich and holding a 6.9 per cent stake in the Cyprus-based firm.
INS Holdings owner Igor Shilov is expected to retain “significant” interest in United Medical Group after the IPO, the statement said.
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