MOEX launches trading in United Medical Group GDRs
On 15 July 2021 MOEX launched trading in global depositary receipts (GDRs) representing shares of United Medical Group, which manages a chain of private clinics under the European Medical Center (EMC) brand. EMC’s initial public offering (IPO) was conducted solely on the Moscow Exchange (MOEX).
The opening ceremony was attended by MOEX Supervisory Board Chairman Oleg Viyugin, EMC CEO Andrey Yanovsky and EMC CFO Dmitry Shmelev.
The GDRs were admitted to trading in the Level 1 List; trading and settlement are conducted in RUB.
GDRs are available for trading in two tranches:
- GRS issued for ordinary shares of United Medical Group СY Plc, under Regulation S, ISIN US91085A2033, ticker GEMC.
- GRS issued for ordinary shares of United Medical Group СY Plc, under Rule 144А, ISIN US91085A1043, ticker EM44.
United Medical Group’s offering size will amount to USD 500 mln, with the offering price of USD 12.5 per GDR. Following the IPO, United Medical Group’s free float will be 44%. One GDR represents one ordinary share of the company.
Citigroup Global Markets Limited, J.P. Morgan AG and VTB Capital plc acted as joint global coordinators and joint bookrunners in connection with the Offering
Oleg Viyugin, Chairman of the Moscow Exchange Supervisory Board, said:
"United Medical Group’s IPO is the first initial offering of global depositary receipts solely on MOEX. This shows that MOEX is a growing platform that is becoming increasingly popular for all Russian companies no matter what country they are registered in. MOEX offers its issuers access to funds from Russian and international institutional investors and to nearly 13 million individuals holding brokerage accounts. Healthcare is a particular focus in Russia today, and we see it as a very positive development that companies in this sector are greatly valued by investors. I wish our new issuer success as a public company."
Andrey Yanovsky, the CEO of EMC, said:
"The placement of EMC’s GDRs is a landmark event for us and for the Russian private healthcare market, which has been demonstrating sustained growth over the past few years. The strong interest in the company’s IPO from institutional and private investors acknowledges the strong results we have achieved and highlights confidence in our team and the vast growth prospects of our business and of the private healthcare industry. I am pleased to welcome our new shareholders and look forward to a successful growth story as a public company."
EMC is a leading private healthcare provider in Russia. The Company has been operating in Russia’s private healthcare market for more than 30 years, the longest track record of any major private healthcare business in this market. EMC’s network comprises seven multidisciplinary medical centres, three geriatric centres, one maternity centre and one rehabilitation centre, offering a comprehensive range of diversified medical services (including emergency care) in more than 57 specialisations. EMC has an international team of more than 750 doctors, including specialists from the United States, the EU and Israel. The Company’s adjusted revenue for 2020 was EUR 241.3 million, adjusted EBITDA was EUR 97.3 million and profit was EUR 80.6 million.