18th Jul 2014 09:37
LONDON (Alliance News) - Spire Healthcare Group PLC priced its initial public offering on the main market of the London Stock Exchange at the bottom of the range, valuing the business at GBP842.3 million when conditional dealings in the shares began Friday.
Spire, being floated by European private equity firm Cinven and some of its directors, last week set the range at between 210 and 300 pence per share. The shares were Friday priced at 210 pence. In conditional trading Friday morning, the shares were unchanged at 210.00 pence.
Spire Friday said it expects the offer to raise GBP315.0 million gross for the company and GBP200,000 for the selling shareholders assuming no exercise of the over-allotment option. If the option is exercised in full, it will raise GBP47.5 million for the selling shareholders.
The over-allotment option is being managed by IPO underwriters Morgan Stanley Securities Ltd.
Spire has 401.1 million shares in admission, with a 36.4% free float. Cinven funds will continue to hold 61.49% if there is no exercise of the over-allotment option or 56.3% if there is.
"We are pleased that investors, staff and consultants have recognised the multiple growth opportunities offered by Spire's 39 hospitals and 13 clinics. Our excellent track record of clinical outcomes and operating efficiency means we believe we will benefit from the positive UK healthcare market dynamics of a growing population, longer life expectancy and increasing patient choice," Chief Executive Rob Roger said in a statement.
By Samuel Agini; [email protected]; @samuelagini
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