Russia's MDMG to price IPO at no less than $12/GDR - sources
MOSCOW (Reuters) - Russian private healthcare provider MD Medical Group will sell shares at no less than $12 per global depositary receipt at its London initial public offering later this month, financial market sources said on Thursday.
The company earlier on Thursday narrowed the price range for the share sale to between $11.50 and $12.50 from an earlier $11.25 to $13.50, according to two sources close to the deal.
One of the sources said the order book was two times subscribed.
The company has said it expected the total size of the offering of new and existing GDRs to be between $295 million and $343 million, including an over-allotment option.
The offering includes $150 million of new GDRs to raise money to fund the expansion of the company's clinic and hospital network, as well as existing shares being sold by its main shareholder, MD Medical Holding Limited.
(Reporting by Olga Popova; Writing by Maria Kiselyova; Editing by Mark Potter)
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