Integrated Diagnostics Holdings (IDH), an Egypt-based medical services provider controlled by the Middle East’s biggest private equity firm, announced Wednesday the successful pricing of its initial public offering (IPO) of ordinary shares at $4.45 per ordinary share on London bourse (LSE).
The company started conditional trading on 6 May and expects to commence with admission on 11 May.
The offer comprises 65.2 million shares at an offer price of $4.45 per ordinary share – equivalent to an offering size of $290 million and 43.5% of the company’s share capital (excluding exercise of the over-allotment option).
The over-allotment option consists of 9.8 million ordinary shares representing 6.5% of the company’s share capital provided by the selling shareholders has been granted.
The market capitalisation of IDH at listing, per the offer price and the number of shares in issue, will be $668 million.
Deutsche Bank AG, London Branch (Deutsche Bank) and EFG-Hermes Promoting and Underwriting (EFG-Hermes) are acting as the Joint Global Co-coordinators, and, together with Citigroup Global Markets Limited, as Joint Book runners.
Commenting on Wednesday’s announcement, Hend El Sherbini, Chief Executive Officer of IDH, said:
“Today (May 6th) represents a key milestone in the IDH growth story. Our initial public offering will allow us to further accelerate our market penetration, increase our profile and brand recognition, expand our service offerings in our target markets as well as provide access to liquidity for our partners Abraaj and Actis.
“We warmly welcome our new investors to share in the next, exciting stage of our growth and development.”
IDH is the largest fully integrated private sector diagnostics services provider in Egypt, including pathology and molecular diagnostics, genetics testing and basic radiology, and in 2013 had a private chain market share by revenue of 55%.
The group operates mainly in Egypt through its Al Borg (Core) and Al Mokhtabar (Core) businesses.
