By David French
DUBAI |
Wed Dec 19, 2012 9:40am EST
DUBAI (Reuters) – The private equity consortium that owns half of Abu Dhabi medical provider Al Noor Medical is reviving skeleton to sell a interest by a batch marketplace inventory in 2013, 4 sources wakeful of a matter said.
The group, including Dubai-based Ithmar Capital and Qatar First Investment Bank, is looking for new advisers after dropping HSBC Holdings and JP Morgan Chase, following an aborted prior listing, 3 of a source said.
The banks had reason spontaneous financier meetings on an Abu Dhabi initial open charity (IPO) in late 2011 though a poignant inequality between owners and investors over a company’s gratefulness stalled a plan, dual of a sources said.
“The association set off down a (IPO) trail but, as mostly happens when something goes wrong, a easiest thing to do was to censure a banks and change horses,” a London-based landowner said, vocalization anonymously as a matter is not public.
The part highlights a problems faced by informal private equity firms in exiting investments in a vexed marketplace for equity offerings, forcing investors to reason onto resources instead of carrying a money accessible again to redeploy into new projects.
“The marketplace has been bad though this kind of item can sell in bad times and would fly in good times. Waiting around for another dual or 3 years for a good times to lapse is not an option,” pronounced a source informed with a matter.
Healthcare businesses in a Gulf segment are approaching to bang in entrance years as rising resources couples with an boost in supposed lifestyle diseases – 5 of a 6 Gulf nations are in a tellurian tip 10 for superiority of diabetes, according to a International Diabetes Federation.
Al Noor Medical operates a series of hospitals, clinics and pharmacies in Abu Dhabi, a largest emirate in a oil-rich United Arab Emirates.
HSBC, JP Morgan and QFIB all declined to comment. Ithmar Capital didn’t immediately respond to a ask for comment.
REVIEW AND RETURN
Having forsaken a dual banks, new advisers will be brought in to finish a IPO – with both banks and law firms carrying already pitched for bookrunner and authorised confidant roles.
Some of a details, such as where a share sale will take place and how many a association will raise, have nonetheless to be finalized. However, a many expected end for a inventory was now London, dual of a sources said.
“As with any IPO, they are looking during all markets. But, for healthcare, it is satisfactory to contend that London has some-more poke in that sector,” a Dubai-based source said.
While Abu Dhabi has had only dual tiny IPOs given a 2008 financial crisis, European equity markets have rebounded, with a fourth entertain of 2012 witnessing multi-million dollar listings from MegaFon and Alior.
If a association pursues a London listing, Al Noor Medical will be following another Abu Dhabi-based medical firm, NMC Healthcare, that lifted $187 million from a IPO progressing this year.
Having primarily risen in a days after a shares started trade during a commencement of April, NMC had slipped over 14 percent by Dec 14. It has underperformed a FTSE 250, that gained 5.1 percent in a same period.
(Additional Reporting by Rachna Uppal; Editing by Dinesh Nair and Mark Potter)
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