United Medical Group CY, which owns the European Medical Center (EMC) network of clinics, intends to conduct an initial public offering (IPO) on the Moscow Exchange this year. The selling shareholders will be Igor Shilov’s INS Holdings Limited, Yegor Kulkov’s Hiolot Holdings Limited and Roman Abramovich’s Greenleas International Holdings.
EMC is a network of private clinics in Moscow and the Moscow region. The group includes seven medical centers, a maternity hospital, a rehabilitation center and three geriatric centers.
EMC announced its plans to conduct an IPO of global depositary receipts (GDR) at the Moscow Exchange today, June 28. The securities will be offered by Igor Shilov’s INS Holdings Limited (owns 71.2% in the share capital of United Medical Group CY), Yegor Kulkov’s Hiolot Holdings Limited (20.8%) and Roman Abramovich’s Greenleas International Holdings LTD (6.9%), as well as some other shareholders. United Medical Group CY itself will not sell GDRs and will not receive funds raised as part of the IPO.
“Our intention to implement the GDR offer on the Moscow Exchange is evidence of EMC’s impressive results and our strong confidence in continued business growth,” said EMC CEO Andrei Yanovskiy (quoted from Prime). He is confident that the IPO will expand the reach of investors and allow a greater diversification of the shareholder structure.