Stock-market turmoil has hit plans for the London debut next week of the biggest private healthcare firm in Abu Dhabi, with the float priced at the lower end of original hopes today.
Al Noor’s pricing of 575p — near the bottom of its initial range of between 525p and 725p — gives it a value of £672 million.
The firm, chaired by former Balfour Beatty chief executive Ian Tyler, will be the second Abu Dhabi company to seek a primary listing on the London Stock Exchange after fellow healthcare firm NMC. But the initial public offering has coincided with sliding equity markets amid worries over the US Federal Reserve wrapping up quantitative easing.
Al Noor has a 35% share of the market, more than twice as large as its nearest rival.
The £221 million raised will be used for expansion in the Gulf region, while existing shareholders will also take some cash out of the business.
The company is currently owned by Dubai-based private equity firm Ithmar Capital and its two founders, Sheikh Mohammed bin Butti Al Hamed and chief executive Kassem Alom, who have stakes of 35% and 15% respectively.
