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Cinven’s Spire prices IPO at 210p to 300p

7 Jul 2014

spirePrivate equity-backed hospital operator Spire Healthcare Group is set to be valued at up to £1.2bn in its upcoming IPO on the London Stock Exchange.

Spire, which is backed by Cinven, has priced its IPO at 210 pence to 300 pence per share. At the mid-point of that range, the company would have a market cap of around £955m and £1.2bn at the top of the range, making it eligible for inclusion in the FTSE 250 index.

The company expects to raise gross proceeds of £315m via the IPO and have a free float of 45 per cent.

Spire operates 38 hospitals throughout the UK with about 18 per cent of the market share for private hospital beds.

Spire CEO Rob Roger said, “We are pleased with the level of investor interest we’re seeing at this stage of the IPO process. We believe the dynamics of the UK healthcare market are strong and will strengthen further given the growing UK population and increasing life expectancy.”

It was previously reported that Spire could be valued at around £1bn.

Cinven is also trying to exit restaurant chain Pizza Express and the company has drawn interest from other private equity firms.

However, offers for the business have reportedly fallen short of the private equity firm’s expectations.

Bidders including TDR Capital have offered £850m for the company, which is below the £1bn price tag, said the Daily Telegraph.

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