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PUBLIC JOINT-STOCK COMPANY MOSCOW EXCHANGE MICEX-RTS

(MOEX)
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Moscow Exchange MICEX RTS : Russian healthcare firm EMC sets IPO pricing, valued up to $1.26 billion

07/07/2021 | 02:41am EDT
A board with the logo of Russian private health clinic operator European Medical Centre is on display in Moscow

MOSCOW (Reuters) - Russian private health clinic operator European Medical Centre (EMC) on Wednesday said the indicative price range for its July initial public offering (IPO) in Moscow has been set at $12.5-14 per GDR, giving it an equity value of up to $1.26 billion.

Financial market sources told Reuters in May the company was considering an IPO as early as this summer and could raise about $500 million.

EMC said the offering, which amounts to up to 40,000,000 global depositary receipts (GDR) and would give EMC a free float of about 44%, is expected to be announced on or around July 15.

Certain existing shareholders, including Igor Shilov, who now holds a 71.2% stake in EMC, will sell GDRs in the company. EMC will not sell any GDRs in the offering, nor will it receive any proceeds.

EMC has said Shilov will remain a significant shareholder in the company after the offering.

Citigroup Global Markets Ltd, J.P. Morgan AG and VTB Capital PLC are acting as joint global coordinators and joint bookrunners in connection with the offering.

EMC, which operates a network of medical centres in and around Moscow, reported revenue of 21.3 billion roubles ($295 million) last year, with a compound annual growth rate for 2018-2020 of 18%.

(Reporting by Olga Popova; writing by Alexander Marrow; editing by Jason Neely and Stephen Coates)


ę Reuters 2021
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Financials
Sales 2021 50 993 M 701 M 701 M
Net income 2021 27 142 M 373 M 373 M
Net cash 2021 122 B 1 670 M 1 670 M
P/E ratio 2021 15,7x
Yield 2021 5,83%
Capitalization 404 B 5 545 M 5 552 M
EV / Sales 2021 5,54x
EV / Sales 2022 4,97x
Nbr of Employees 2 045
Free-Float 77,4%
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Number of Analysts 12
Last Close Price 179,06 RUB
Average target price 187,67 RUB
Spread / Average Target 4,81%
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Managers and Directors
Yuriy Olegovich Denisov Chief Executive Officer
Maxim Vyacheslavovich Lapin Chief Financial Officer
Oleg Vyacheslavovich Viyugin Chairman-Supervisory Board
Andrey Anatolyevich Burilov Chief Information Officer
Dmitry Viktorovich Shcheglov COO & Executive Director-Operations