November 29, 2017 / 4:14 PM / a year ago

UPDATE 1-Turkey's Medical Park to list up to 53.38 pct of its shares in floatation - filing

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ISTANBUL, Nov 29 (Reuters) - Turkey’s Medical Park will float up to 53.38 percent of its shares in an initial public offering (IPO) by February 2018, the private hospital chain said in a draft prospectus filed to the Istanbul stock exchange on Wednesday.

The IPO will see Medical Park offer a total of 101 million lira nominal value shares, including the overallotment option.

Medical Park Group is the largest private hospital chain in Turkey, with more than 15,000 employees and 4,900 beds in 29 hospitals. The listing will allow private equity firm Turkven to exit its 53.4 percent holding in Medical Park.

In October, Turkven’s chief executive Seymur Tari told Reuters, that the company planned to list Medical Park and the public offering will be three times the size of jeans retailer Mavi, which Turkven listed for 1.17 billion lira in June.

That would make Medical Park’s listing worth around $886 million, based on the current exchange rate. (Reporting by Ebru Tuncay; Writing by Ezgi Erkoyun; Editing by David Dolan)

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