This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.

Bookmark Email Print page

NMC Health Plc

Background and business issues

NMC Health PlcNMC is a leading integrated UAE healthcare provider and operates through two business segments: healthcare (consisting of hospitals, day care centres and pharmacies) and distribution and services (primarily distributing pharmaceutical products, fast moving consumer goods, educational supplies, cosmetic products, medical and scientific equipment and veterinary products). For the year ended 31 December 2011, the Company generated revenue of US$443.7 million and had an adjusted EBITDA of US$70.5 million.

In order to raise expansion capital and increase NMC’s international profile, the company wanted to pursue an initial public offering and premium listing on the main market in London.

Our role and approach

Deloitte were selected to act as independent financial adviser and provided a full range of IPO assist services to the company and its management team on all aspects of the IPO, from inception through to completion. The Deloitte team brought a wealth of IPO experience and knowledge of the London markets, providing continuous corporate finance and accounting advice on matters such as:

  • Assisting in the selection and appointment of the lead investment bank and other advisers
  • Acting as independent financial adviser to management
  • Assisting the company and management through the IPO process
  • Providing input into the marketing material, prospectus and other key documents
  • Delivering ongoing general financial and accounting support to the Company throughout the process

In addition, Deloitte provided tax planning and structuring advice and assisted the Company in the design and implementation of a number of employee incentivisation packages.

Results achieved

NMC’s successful IPO and premium listing raised a total of $180m and the company had a market capitalisation on admission of $620m, making it one of the largest IPOs in London in the last 12 months and the first ever for an Abu Dhabi based business.

Furthermore, it has demonstrated how service lines across the broader Capital Markets Group can work together to deliver a new and compelling product to our clients. We believe that this full scope proposition is an impressive offering that demonstrates Deloitte’s eminence in this market. Whereas previously the Capital Markets Group has supported companies in their initial preparation for listing (“IPO Readiness”), or has provided limited assistance during the listing (“IPO Assist”), this project went considerably further since we acted as independent financial adviser, project managing the entire IPO journey for the company.

Prasanth Manghat, Chief Financial Officer of NMC, commented:

"Deloitte has contributed immensely to the various stages of the IPO. Deloitte’s in-depth knowledge and experience helped us in the smooth and timely completion of the [IPO]. They were an important link in sorting out the key issues between NMC and the various other external agencies involved in the IPO such as the investment bank and lawyers. Deloitte responded excellently to the company’s requirements throughout."

John Hammond, Partner and Head of Capital Markets Group, commented:

"We are delighted to have advised NMC Health plc on its IPO. This has been an important transaction for Deloitte LLP and the Capital Markets Group, in particular. This is the first time that we have extended our IPO Assist offering to incorporate the much fuller role of independent financial adviser and drew upon the expertise of teams from Transaction Services, Corporate Finance Advisory, Audit and Tax. We have designed an exciting product that we intend to offer to other companies and their shareholders contemplating an IPO in London."

Related links

PLC Advisory
Capital Markets Group

For more information, please contact

John Hammond
Richard Thornhill
John Ball

Share this page

Email this Send to LinkedIn Send to Facebook Tweet this More sharing options

Get in touch

More on Deloitte