Russian healthcare provider EMC valued at $1.1 bln in IPO | Reuters

Russian healthcare provider EMC valued at $1.1 bln in IPO | Reuters

Russian healthcare provider European Medical Centre (EMC), which was valued at $1.1 billion in its initial public offering (IPO) on Thursday, said it sees strong potential for growth as more wealthy Russians seek private healthcare.

EMC has been offering healthcare through a network of medical centres in and around Moscow for over three decades and is the second private Russian healthcare provider to list shares after MD Medical Group nearly a decade ago.

EMC offered 40 million global depository receipts at $12.50, or 926.55 roubles, apiece, which was at the lower end of its initial guidance and gave it a market value of $1.13 billion.

The sale of existing shares raised about $500 million for EMC shareholders led by Igor Shilov and left the company with a free float of 44%. Shilov retained a 55.1% stake in EMC following the IPO, the company said.