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Russian healthcare firm MDMG plans London IPO - sources
September 13, 2012 / 2:50 PM / 5 years ago

Russian healthcare firm MDMG plans London IPO - sources

MOSCOW (Reuters) - Russia’s MD Medical Group (MDMG), a major private healthcare provider, is planning an initial public offering of shares in London and has picked JP Morgan and Deutsche Bank to arrange the issue, several financial market sources said on Thursday.

The sources did not specify the size of the offering. The company declined to comment when contacted by Reuters.

MDMG was set up in 2010 and is controlled by Mark Kurtser, a senior official in Moscow’s health service. The group runs nine clinics, including Moscow’s Perinatal care centre and Mat’ i Ditya clinic chain.

The company is one of Russia’s largest private healthcare providers, according to its CEO Yelena Mladova.

MDMG could become the first Russian company in the sector to go public in London. Earlier, oil-to-telecoms conglomerate Sistema (AFKS.MM) (SSAq.L), controlled by billionaire Vladimir Yevtushenkov, said it did not rule out an IPO of its healthcare assets that comprise the Medsi clinic chain.

Russia’s healthcare system, still largely reliant on Soviet-era infrastructure and technologies, has witnessed growing demand for quality medical assistance. Privately-run clinics have grown in number significantly over the past decade.

Reporting by Olga Popova; Writing by Alexei Anishchuk; Editing by Maria Kiselyova and David Holmes

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