Russia’s MD Medical float is fully covered

City A.M. Reporter
ORDER books are covered on the $300m London listing of Russia’s MD Medical Group (MDMG), according to three sources close to the deal.

The offering includes $150m of global depositary receipts (GDRs) to raise money to fund the expansion of the company’s clinic and hospital network, as well as £148m of existing shares being sold by MD Medical Holding Limited.

There is also a 15 per cent over-allotment option which could take the total deal size to $343m, valuing the company at as much as $995m.

It is one of three Russian companies currently undertaking London listings, with mobile operator MegaFon on Tuesday announcing its plans to float in London, and lender Promsvyazbank due to close its order books next week.

MDMG is offering its GDRs at between $11.25 and $13.50 each and order books are expected to close today.