* Price range set at 200-280 pence per share - source
* Would raise $175-$244 mln pre-greenshoe option
* Range equates to P/E ratio of 10.5-14.7
By David French
DUBAI, March 20 (Reuters) - UAE healthcare provider NMC Health, founded by billionaire Indian entrepreneur B.R. Shetty, plans to raise $175-$244 million from its initial public offering on the London Stock Exchange, a source at a bank involved in the deal said on Tuesday.
The IPO price range has been set at 200-280 pence per share, the banker said on Tuesday. That would equate to the shares trading at 10.5-14.7 times estimated 2012 earnings.
The final amount raised from the offering could increase to $200-$281 million if a 15 percent greenshoe, or over-allotment, option was exercised, the banker said.
Investor roadshows will begin on Tuesday in London, with meetings also scheduled for Abu Dhabi, Dubai, Frankfurt and the United States before March 30.
Senior management at the roadshow will include Shetty, as well as Chief Financial Officer Prasanth Manghat and the chief operating officers of its healthcare division - the founder's son Binay Shetty - and its distribution arm - Vijayan Nambiar.
Two weeks of informal meetings with investors to gauge interest in a potential offering have already taken place. These have included specialist emerging market and healthcare funds, as well as British domestic funds, a source told Reuters when the IPO was announced two weeks ago.
Abu Dhabi-based NMC, one of the largest private sector healthcare providers in the United Arab Emirates, operates general and specialised hospitals, pharmacies and medical centres.
NMC, which also distributes consumer goods, educational supplies and cosmetic products, had revenue of $444 million and adjusted EBITDA of $70.5 million in 2011.
Deutsche Bank is acting as sole sponsor, global co-ordinator and bookrunner. Numis Securities Limited and Shuaa Capital are acting as joint lead managers.