Cairo, Egypt (PR)- London Stock Exchange formally welcomed Egypt’s Integrated Diagnostics Holdings (IDHC) to its markets today. The Cairo-based company, which operates 283 medical testing and radiology laboratories raised $290m in an initial public offering. IDHC’s market capitalisation on completion of the public offer was $668m and rose to $880m, an increase of 26 per cent on its first day of trading. The listing was 12 times oversubscribed.
IDHC is the second Egyptian company to list in London in 2015 after packaged snack manufacturer, Edita’s successful dual-listing in London and Cairo in April. IDHC is the first Egyptian healthcare company and the third such company from the MENA region to list in London, after NMC Healthcare in 2012 and Al Noor Hospitals in 2013.
In the wake of the listing, Ibukun Adebayo, Head of Primary Markets, Middle East & Africa, London Stock Exchange Group said that “IDHC’s successful listing demonstrates London investors’ continued ability and desire to support growth stories from Egypt and across the region. We expect that listings such as IDHC’s will encourage more ambitious, internationally focused companies to raise capital in London.”
In addition to IDHC there are ten Egyptian companies on London’s markets with a combined market capitalisation of over $24 billion.
