Egyptian healthcare company Integrated Diagnostics is planning to list on London’s Main Market in February. The amount the company is looking to raise has not been disclosed, but reports claim it could be looking for £200 million. If accurate, it could value the business at more than £400 million.
Integrated Diagnostics provides more than 1,000 different genetic tests from 283 labs across Egypt, Jordan and Sudan. It carried out some 16.5 million tests for 4.1 million customers in the first nine months of 2014. The company, which names Al Borg and Al Mokhtabar among its brands, had a 55% market share by revenue in 2013.
Existing shareholders will sell 45% of the company to expand the business through opening new labs to reach more people. The company intends to pay dividends.
Pre-tax profit in the year to October 2014 was some EGP155 million, a 47.6% rise on the EGP105 million it made a year earlier.
Integrated Diagnostics joins Al Noor Hospitals (ANH) and NMC Health (NMC) as Middle East and North Africa healthcare companies to list in London.