DUBAI Oct 19 United Arab Emirates-based Aster
DM Healthcare hopes to launch an initial public offering in
India within the next 12 months after filing papers with the
local capital markets regulator, its chairman told Reuters on
The company, which runs hospitals, clinics and pharmacies
across the Gulf and India, would offer shares that would dilute
exisiting shareholders' equity by 10 percent, said chairman Azad
"We have filed the papers with the Securities and Exchange
Board of India, the local regulator, and are waiting for
approval, which we're hearing will be done immediately," he said
in an interview. "Once we get that, we're looking at the next
six to 12 months [for the IPO]."
He said the company chose India over London and Dubai,
partly as the company was registered in India, making it easier
to go ahead with a listing legally.
"We have significant presence in India and secondly India
has very good valuations for healthcare assets," he added.
It hired India's Kotak Mahindra Bank, Bank of
America-Merrill Lynch and Goldman Sachs to
arrange the IPO.
Reuters reported in February that the company was seeking to
sell a minority stake this year either through a stock market
flotation or a deal with a private investor.
Majority owned by Indian businessman and physician Moopen,
Aster DM Healthcare was founded in 1987 with some private equity
investors also holding stakes. Its hospitals and clinics have a
combined bed capacity of over 2,500.
Moopen said the company planned to open five hospitals in
the Gulf and India. It already has 18 hospitals within its
(Editing by Alexandra Hudson)