NMC Health plans $250m London IPO

UAE healthcare provider NMC Health said it planned to list its shares on the London Stock Exchange and raise up to $250 million, in a rare initial public offering in the UK. The prolonged euro zone debt crisis has brought Europe\'s IPO market to a near standstill over the last year. The last IPO on London\'s main market was that of oil producer RusPetro  in January. NMC, one of the largest private sector healthcare providers in the UAE, operates general and specialty hospitals, pharmacies and medical centres. The company, which also distributes fast moving consumer goods, educational supplies and cosmetic products, had revenue of $443.7 million and adjusted EBITDA of $70.5 million in 2011. NMC said it would use the proceeds to fund its expansion plans, including acquisitions and building more hospitals in Dubai and Abu Dhabi. The company is controlled by investor Saeed Bin Butti, who holds a 43 percent stake in NMC. His investment firm holds another 12 percent. The company said Deutsche Bank was the bookrunner for the offering, while Numis Securities and Shuaa Capital were the joint lead managers.