Clinic chain EMC says sets GDR price range for IPO at $12.5–14

MOSCOW, Jul 7 (PRIME) -- United Medical Group CY, manager of a private clinic chain European Medical Center (EMC), has set a preliminary price range for an initial public offering (IPO) at U.S. $12.5–14 per global depositary receipt (GDR), the company said in a statement on Wednesday. 

"During the offer, the existing EMC shareholders are offering GDRs certifying the right for common shares. Each such receipt certifies the right for one EMC common share. The indicative offer amounts to up to 40 million GDRs," the company said.

The issued charter capital of the company amounts to 90 million common shares and will not change after the IPO. After the deal, the free float can amount to about 44%. The price range values the company at $1.125–1.26 billion and the selling shareholders can raise $500–560 million.

The securities will be offered by INS Holdings Limited, whose beneficial owner is Igor Shilov, controlling 71.2% of the company, Hiolot Holdings Limited, whose beneficial owner is Yegor Kulkov, owning 20.8%, and Greenleas International Holdings LTD with Roman Abramovich as a beneficial owner and a shareholding of 6.9%.

Citigroup Global Markets Limited, J.P. Morgan AG and VTB Capital Plc are the co-global coordinators and the co-bookrunners.

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