VPS Healthcare is also evaluating listing in the US or Singapore and will decide closer to the IPO.
Thursday 21, March 2019
(Bloomberg) –Abu Dhabi-based VPS Healthcare, a hospital operator in the Middle East, Europe and India, is reconsidering plans to list in London due to uncertainty surrounding Brexit.
VPS Healthcare now plans to sell shares in 2020 rather than this year.
The company, which operates about 20 hospitals and more than 125 medical centres, was said to have hired Rothschild to advise on a potential listing in London this year. VPS Healthcare was seeking to follow UAE-based medical firms, such as NMC Health, in listing in London.
Europe’s IPO market has been overshadowed by concern over Britain’s plans to leave the European Union and slowing growth in Germany and France. that is helped push sale volumes at the start of this year to the lowest level since the financial crisis, according to data compiled by Bloomberg.
The London IPO of Middle Eastern payment processor Network International in the coming weeks is set to be the first big offering this year.
Middle Eastern firms have a track record of listing in London. Abu Dhabi’s NMC Health has surged more than tenfold since listing in the UK seven years ago. Al Noor Hospitals Group listed in London in 2013 before being taken over by Mediclinic International.
The healthcare provider is planning to open four hospitals in the UAE and Bahrain in the next 12 months, the new facilities which will have specialties such as oncology and maternity, will boost its capacity in the region by 30 per cent.