September 17, 2012 / 3:33 AM / 5 years ago

Russia's MD Medical Group looks to raise $150 mln in IPO

Sept 17 (Reuters) - Russia's MD Medical Group Investments said it expects to raise at least $150 million in an initial public offering of its global depositary receipts (GDR), as the company looks to expand its healthcare network in the country.

The company, a private healthcare provider specialising in women's and children's healthcare, said it intends to list its GDRs on the London Stock Exchange.

One GDR equates to one ordinary share of the MD Medical Group, the company said.

The target free float, excluding the over-allotment option, is expected to be about 30 percent, the company said.

MD Medical Group said it intends to use the proceeds to finance its current capital spending program, which includes building a hospital in the Russian city of Ufa, as well as for general corporate purposes.

"Funds raised from the offering will help us to expand our network and to take advantage of the unfulfilled demand in Russia for high-quality medical services," Chief Executive Elena Mladova said in a statement.

Deutsche Bank and JPMorgan are acting as joint global coordinators and joint bookrunners.

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