Dubai-based healthcare group DM Aster Healthcare is preparing to launch is maiden Initial Public offering (IPO) and have filed its draft red herring prospectus (DRHP) with Indian capital markets regulator Securities and Exchange Board of India (SEBI) to float its initial public offer (IPO) to the tune of $300 million, according to merchant banking sources in Mumbai.
A single doctor-owned small clinic in Bur Dubai has grown to become a global healthcare conglomerate with several hospitals, clinics and pharmacies, and employs more than 1,000 doctors from different nationalities.
Until now, the company has been closely held by the family of Dr Azad Moopen. With the IPO, it will be one of the first UAE-based Indian family businesses listing on an international stock market.
The IPO is expected to be in the range of Rs1,900-2,000 crore, making it one of the biggest public issues in recent times.
Dr Azad Moopen had earlier told Emirates 24|7 that the IPO will be to finance the major expansion and diversification of the group which is opening new facilities in view of the compulsory healthcare requirements in Dubai that has created new demand for healthcare infrastructure.
The doctor-turned-entrepreneur has developed the healthcare group, utilsing the growth opportunities provided by Dubai and UAE, and has been known to be contemplating a public issue for several years now.