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2021-07-07

EQS-News: EMC announces indicative price range for IPO and planned listing on Moscow Exchange

EquityStory.RS, LLC-News: United Medical Group CY PLC / Key word(s): IPO/Miscellaneous
EMC announces indicative price range for IPO and planned listing on Moscow Exchange

07.07.2021 / 09:00 MSK
The issuer is solely responsible for the content of this announcement.


NEITHER THIS ANNOUNCEMENT NOR THE INFORMATION CONTAINED HEREIN IS FOR PUBLICATION, DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, INTO AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OR TO ANY PERSON IN ANY OF THOSE JURISDICTIONS OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE LAWS OF SUCH JURISDICTION.

 

EMC announces indicative price range for IPO and planned listing on Moscow Exchange

 

Nicosia, Cyprus, 7 July 2021 - United Medical Group CY PLC (the "Company", and together with its consolidated subsidiaries the "Group" or "EMC"), the leading multidisciplinary premium-class healthcare services provider in Russia operating under the European Medical Center brand, today announces the indicative price range for its initial public offering (the "Offering") and planned listing of global depositary receipts (the "GDRs") on Moscow Exchange.

 

The indicative price range in respect of the Offering has been set at between USD 12.5 to USD 14.0 per GDR. In the Offering, existing EMC shareholders will offer GDRs, each representing an ownership interest in one ordinary share of the Company. The indicative offering size amounts up to 40,000,000 GDRs. The implied equity value of United Medical Group CY PLC therefore amounts to USD 1.125 billion to USD 1.260 billion, based on the indicative price range.

 

The final price in respect of the Offering (the "Offering Price") will be determined following a bookbuilding process that commences today. The Offering Price is expected to be announced on or around 15 July 2021. The GDRs are expected to be admitted to trading in the "Level 1" part of the List of Securities Admitted to Trading on Moscow Exchange under the ticker GEMC on or about 15 July 2021. Subject to acceleration or extension of the timetable for the Offering, trading in the GDRs on an "as-if-and-when-issued" basis on Moscow Exchange is expected to commence on or about 15 July 2021.

 

Andrey Yanovsky, CEO of EMC, said:

 

"We are pleased with the positive response we have received from investors to EMC's announcement of its proposed IPO on Moscow Exchange. Investors appreciate the Company's sustainable profitability and strong growth prospects, as well as the long-term investment case for the Russian private healthcare market. This rapidly growing sector is currently under-represented in Russian capital markets, so EMC - which has the longest track record of successful operation of any Russian private healthcare operator - therefore offers an attractive opportunity for investors to participate in the future profitable growth of the Russian healthcare industry.

 

"Over more than 30 years we have created a uniquely high-quality and comprehensive customer offering, and built an efficient business that delivers attractive returns for shareholders. We have a clear understanding of the future development of the market for high-quality healthcare, and a strategy that will allow us to unleash the Company's growth potential and significantly increase shareholder value. The Company has recently completed a major investment programme, which we expect will support EMC's leading positions in terms of advanced medical technologies, qualified healthcare professionals and high-quality service for years to come. This will allow us to focus on growing our market share, as well as increasing operational efficiency and returns for both current and future shareholders."

 

Offering Highlights

 

  • The Offering will consist of an offering of GDRs, each representing an ownership interest in one ordinary share of United Medical Group CY PLC.
  • The indicative price range in respect of the Offering has been set at between USD 12.5 to USD 14.0 per GDR.
  • Based on the indicative price range, EMC will have an indicative market capitalization of USD 1.125 billion to USD 1.260 billion.
  • The GDRs are expected to be offered by (i) INS Holdings Limited (beneficially owned by Mr Igor Shilov) - currently holding c.71.2% of the Company's share capital, (ii) Hiolot Holdings Limited (beneficially owned by Mr Egor Kulkov) - currently holding c.20.8% of the Company's share capital, (iii) Greenleas International Holdings LTD (beneficially owned by Mr Roman Abramovich) - currently holding c.6.9% of the Company's share capital, and (iv) potentially certain other existing shareholders (together, the "Selling Shareholders").
  • The Selling Shareholders plan to offer a total of up to 40,000,000 GDRs. Assuming all indicated GDRs are offered, EMC will have a free float of approximately 44%.
  • Mr Igor Shilov will remain a significant shareholder of the Company after the Offering through his investment vehicle INS Holding Limited.
  • The Company has applied for admission of the GDRs to trading on Moscow Exchange. Moscow Exchange approved GDRs of United Medical Group CY PLC for inclusion in the "Level 1" part of the List of Securities Admitted to Trading on Moscow Exchange from 15 July 2021. Subject to acceleration or extension of the timetable for the Offering, trading in the GDRs on an "as-if-and-when-issued" basis on Moscow Exchange is expected to commence on or about 15 July 2021 under the ticker GEMC.
  • The Offering will consist of an offering (i) in the Russian Federation, (ii) otherwise to institutional investors outside the United States in "offshore transactions" as defined in, and in reliance on, Regulation S under the United States Securities Act of 1933 (the "Securities Act"), and (iii) within the United States to "qualified institutional buyers" as defined in, and in reliance on, Rule 144A under the Securities Act or pursuant to another exemption from, or a transaction not subject to, the registration requirements under the Securities Act.
  • The Company will not sell any GDRs in the Offering and will not receive any proceeds from the Offering. The Company's issued share capital currently comprises 90,000,000 ordinary shares and will remain unchanged following the Offering.
  • Customary lock-up arrangements restricting the disposal of the Company's securities after the Offering are expected to be agreed with the Company and the Selling Shareholders prior to the Offering.
  • Stabilisation arrangements are expected to be put in place for a certain period after the Offering in respect of up to 15% of the GDRs sold in the Offering.
  • Citigroup Global Markets Limited, J.P. Morgan AG and VTB Capital plc are acting as joint global coordinators and joint bookrunners in connection with the Offering.

 

Overview

 

  • EMC is the second largest private healthcare provider in Russia by revenue
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