Integrated Diagnostics Holdings (IDH) has concluded its $290m initial public offering (IPO) on the London Stock Exchange (LSX), becoming the first Egyptian healthcare company to complete a UK offering.
“The offering raised total demand in excess of $3.7bn, which reflects an oversubscription ratio of approximately 11.2x,” EFG Hermes, the investment bank advising the company on its IPO, said.
“The $290m offering excludes the over-allotment option and implies a market capitalisation of approximately $668m at an offer price of $4.45 per share.”
Head of Primary Markets for the Middle East & Africa at LSX Ibukun Adebayo said the company’s successful listing shows the interest of London investors in supporting Egypt.
“We expect that listings such as IDHC’s will encourage more ambitious, internationally focused companies to raise capital in London,” Adebayo said.
IDH is the second Egyptian company to list in London in 2015. In April, Edita Food Industries had a dual-listing in London and Cairo.
The medical company is based in Cairo and operates 283 medical testing and radiology laboratories.