UAE health group looks to London

UAE healthcare provider Al Noor Hospitals Group aims to raise some $150m through an initial public offering (IPO) of shares on the London Stock Exchange to finance planned acquisitions.
By The Newsroom
Published 29th May 2013, 01:01 BST

The Abu Dhabi-based group, the largest private healthcare provider in the oil-rich emirate, is looking at several acquisition opportunities within the UAE, including a $50m speciality treatment centre, said Sami Alom, chief strategy officer.

Al Noor is the second UAE healthcare company to launch an IPO and list on the LSE. In 2012, NMC Healthcare raised £117m, joining a growing list of Gulf companies seeking overseas listings in preference to moribund regional equity markets.

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“Demand for healthcare is set to grow rapidly in the United Arab Emirates (UAE) (and) the IPO is to pursue expansion and... growth opportunities,” Alom said.

The company plans to issue new and existing shares to secure a free float of readily tradeable shares of 30 to 45 per cent of the total. It gave no further detail on the pricing and number of shares to be sold.

Al Noor chose to list in London to gain access to international investors, Alom said, adding bookbuilding for the IPO and listing would be in latter half of next month.

Deutsche Bank and Goldman Sachs are mandated joint sponsors and global coordinators, with HSBC Holdings as joint bookrunner for the IPO.

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Al Noor is owned by Ithmar Capital and its affiliates with 50 per cent, and its two founders, Sheikh Mohammed bin Butti Al Hamed and chief executive, Dr Kassem Alom with 35 per cent and 15 per cent respectively.

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