Medical laboratory services firm Integrated Diagnostics Holdings (IDH) is aiming to list on the London Stock Exchange in February.
The Egypt-based company, which is registered in Jersey and also operates in Jordan and Sudan, was formed out of the 2012 merger of Al Mokhtabar and Al Borg Laboratories.
Its IPO will incorporate a sale of existing shares by shareholders Integrated Diagnostics Group Limited, controlled by private equity investor Abraaj Group, and Hena Holdings, controlled by the founders of IDH.
The selling shareholders are seeking to realise part of their investment in the company in a sale of up to 45 per cent of its share capital.
Commenting on the proposed float, Dr Hend El Sherbini, IDH’s chief executive, said: “Over the years, we have built a company that is now widely recognised and respected in Egypt and beyond.”
She added that IDH’s “strong market position” enables it to provide crucial diagnostics services in markets that are still largely under-served and unpenetrated.
IDH reported profit 157.2m Eygptian pounds (£14.5m) in the first nine months of last year, and operated 283 labs as of 30 September 2014.
El Sherbini continued: “As we continue to build on our success to date, reflecting years of profitable growth, high margins and operational excellence, we believe IDH represents a highly attractive future growth story. This initial public offering is a pivotal next step for us that will allow us to further accelerate our market penetration and expand our service offerings.”
BEHIND THE DEAL: DEUTSCHE BANK | CHRISTOPHER LAING
1 Laing, who is leading the deal, is a managing director at Deutsche Bank with responsibility for emerging markets, and has focused on the Middle East and Africa since 2008.
2 He was lead adviser on the IPOs of both Al Noor Hospitals and NMC Health, and previously worked on Dubai Port World’s $4.2bn IPO in 2007 and Kingdom Hotel Investments’ $397m float.
3 Laing is a rugby fan with ambitions to see England lift the World Cup this year. However, most of his free time is spent with his family, which includes eight-year-old identical twin boys.