January 8, 2018 / 3:39 PM / 12 days ago

Turkish healthcare group MLP begins marketing IPO to investors

LONDON (Reuters) - MLP Saglik Hizmetleri, Turkey’s largest private healthcare service provider, on Monday started marketing its initial public offering to investors, in which it aims to raise primary proceeds of around 500 million lira ($133 million), the bookrunner on the sale said.

The Istanbul listing of the private equity-backed operator of Medical Park-branded services could be the biggest IPO by proceeds in Istanbul in the past few years, according to Thomson Reuters data.

The company, which expects to have a free float of around 45 percent, said the proceeds from this primary offering would be used to pay off foreign currency-denominated debt.

Founded in 1993 as a single hospital, MLP’s earnings before interest, tax, depreciation and amortization in 2016 were 312 million lira on revenue of 2.2 billion lira across 29 hospitals and 5,330 beds in 17 cities.

Growth of middle class households in Turkey has helped to increase demand for quality healthcare.

JP Morgan, Goldman Sachs and HSBC are leading the deal.

Reporting by Dasha Afanasieva, editing by Louise Heavens and Jane Merriman

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