United Medical Group to conduct IPO on Moscow Exchange

TASS Russian News Agency | Jun 28, 2021 at 8:50 AM

MOSCOW, June 28. /TASS/. EMC that holds a chain of United Medical Group clinics, plans to conduct an IPO on Moscow Exchange, the company said in a statement on Monday.

"United Medical Group CY PLC [EMC - TASS], the leading multidisciplinary premium-class healthcare services provider in Russia operating under the European Medical Center brand, today announces its intention to conduct an initial public offering of global depositary receipts representing ordinary shares of the company to be listed on Moscow Exchange," the statement said.

This is an initial public offering of global depositary receipts (GDRs) by certain existing shareholders of United Medical Group CY PLC. Each GDR will represent an ownership interest in one ordinary share of the company. The GDRs are expected to be offered by INS Holdings Limited (beneficially owned by Igor Shilov), which is currently holding around 71.2% of the company's share capital, Hiolot Holdings Limited (beneficially owned by Egor Kulkov) currently holding roughly 20.8% of the company's share capital, Greenleas International Holdings LTD (beneficially owned by Roman Abramovich) that is currently holding about 6.9% of the company's share capital, and potentially certain other existing shareholders. Shilov is also expected to remain a significant shareholder of the company after the offering through his investment vehicle INS Holding Limited.

The company has applied to admit the GDRs to trading on Moscow Exchange in the Level 1 section of the List of Securities Admitted to Trading on Moscow Exchange. The company will not sell any GDRs in the offering and will not receive any proceeds from the offering. Stabilization 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.

EMC is a private healthcare provider in Russia that has been operating on the country's private healthcare market for more than 30 years. EMC's network comprises seven multidisciplinary medical centers, one maternity center and one rehabilitation center (with a total built-up area of approximately 87,000 square meters), as well as three geriatric centers (with a total built-up area of approximately 14,000 square meters). EMC operates in Moscow and the Moscow Region.