Abraaj Capital planning Integrated Diagnostics IPO in 2013


The Middle East’s largest private equity firm Abraaj Capital is eyeing an IPO for its Egyptian medical laboratory business next year, it is understood.

Abraaj chief executive Mustafa Abdul-Wadood told Reuters a public listing for Integrated Diagnostics Holding “seems to be the most natural exit route”, and would guarantee funding for its future growth.

The firm created Integrated Diagnostics in August by merging portfolio company Al Borg Laboratories with Al Mokhtabar Laboratories.

It plans to sell part of its 50 per cent stake in Integrated Diagnostics in the IPO, Reuters said, adding London could be a potential target for the listing.

Last month US development finance institution the Overseas Private Investment Corporation (OPIC) committed $150m to Abraaj Capital’s latest SME fund focused on the Middle East and North Africa.

The Riyada Enterprise Development Growth Capital Fund (RED) has a target size of $400m and be managed by Aureos Capital, the small and mid-cap investing platform of the Abraaj Group.

Abraaj created the world’ largest private equity firm focused on emerging market SMEs by buying Aureos in February.

The buy-out ensured the combined entity holds around $7.5bn of assets, boasts a presence in over 30 countries and manages a portfolio of 153 investments

Copyright © 2012 AltAssets