The Middle East’s biggest private equity firm has exited its 7.1 per cent stake in IHH Healthcare through a bumper $2bn IPO.
Abraaj Capital sold more than 430 million shares during the Malaysian company’s listing, representing about 20 per cent of the stock on offer.
A total of 22 cornerstone investors – including Blackrock, Capital Group, Och-Ziff Capital Management, Singapore sovereign wealth fund GIC and Fullerton Fund Management – bought up 62 per cent of the shares according to the Asian Venture Capital Journal.
It said the price range valued the company at between 15.2 times and 15.9 times forward EBITDA, a premium to other hospital operators.
Dubai-based Abraaj became an Integrated Healthcare shareholder in January after selling its 50 per cent stake in Turkish hospital operator Acibadem to the company and Khazanah Nasional, the investment arm of the Malaysian government.
Integrated Healthcare and Khazanah bought a combined 75 per cent stake in Acibadem from Abraaj and the Aydinlar family, through a combination of cash and the exchange of newly-issued Integrated Healthcare shares.
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