January 29, 2018 / 2:53 PM / a year ago

UPDATE 1-Turkish hospital chain Memorial's IPO date still to be determined - CEO

(Adds details, background)

By Ebru Tuncay

ISTANBUL, Jan 29 (Reuters) - The date of Turkish healthcare provider Memorial’s initial public offering has not yet been set, its chief executive said on Monday, and two sources said it may be delayed to avoid clashing with another health care group IPO next month.

Memorial intended to float more than a third of its capital with 30 million lira ($7.94 million) worth of nominal shares on Borsa Istanbul and planned to complete the listing in February, according to a prospectus published on the company website.

In a written statement CEO Ugur Genc told Reuters that the IPO date will be determined according to growth plans and strategies, market and macroeconomic conditions and sector dynamics.

Two sources familiar with the issue said the timing of the planned offering had been affected by the listing next month of another hospital chain, Medical Park.

“Two hospitals’ public offerings coinciding at the same period may have been effective in the delay. That might have affected valuations,” one of the sources said.

Memorial Health Group, which opened its first hospital in 2000, operates 10 hospitals and two medical centres across Turkey, according to the company website.

Medical Park, Turkey’s largest private hospital chain, has priced its initial public offering at up to 28.8 lira a share, it said in a filing, valuing the floatation at up to 1.82 billion lira ($488 million).

$1 = 3.7786 liras Writing by Ezgi Erkoyun; Editing by Ece Toksabay and Dominic Evans

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