The private equity-backed consortium that owns half of Abu Dhabi healthcare company Al Noor Medical is reportedly planning an IPO in 2013.
The group, which includes Ithmar Capital and Qatar First Investment Bank, has dropped advisers HSBC Holdings and JP Morgan Chase and is seeking replacements, Reuters reported, citing unnamed sources.
The banks were understood to have held informal investor meetings regarding an Abu Dhabi IPO in late 2011, but the plan stalled following valuation discrepancies between owners and investors.
Ithmar Capital took its first step in rolling out an AED1bn ($272m) healthcare buy-and-build plan in the Gulf region in 2010.
The firm’s first move was to back Al Noor, which operates three hospitals, a trio of satellite clinics and a string of pharmacies across Abu Dhabi.
Copyright © 2012 AltAssets