Global law firm White & Case LLP has advised MD Medical Group Investments Plc, a leading private Russian healthcare company, which operates the Mother and Child chain of clinics, on its initial public offering on the London Stock Exchange (LSE).
The offering comprises of global depositary receipts (GDR) amounting to 35 per cent of its shares at a placement price of US$12 per GDR to help fund the expansion of its hospital and clinic network in Russia. The company’s GDRs have been admitted to the Official List of the LSE.
Despite volatile market conditions, the issue generated strong demand and was oversubscribed several times with a mix of investors from both emerging markets and healthcare specialists. Main investors to date include Russian Direct Investment Fund, BlackRock and Russia Partners. MD Medical’s capitalization in the first few days of trading amounts to approximately US$995 million. Deutsche Bank and JPMorgan were appointed as lead arrangers of the IPO.
Commenting on the transaction, White & Case partner Darina Lozovsky said: “We are delighted to have assisted MD Medical on its IPO. The success of this offering is a testament to the considerable financial strength of the company and an indication of its strong growth prospects.”
“Our ability to bring together a strong team of Russian, English and US lawyers who worked seamlessly across jurisdictions enabled us to contribute to the smooth execution of this transaction,” added partner Doron Loewinger. Partner Greg Stonefield said: “We are very pleased to see that that current share price volatility surrounding the recent offerings and today’s highly unpredictable market conditions for flotations have not dampened investors’ interest in fresh deals, particularly in deals from Russia.”
The White & Case team was led by partners Darina Lozovsky (Moscow), Doron Loewinger (London) and Greg Stonefield (London), and included associates Amulang Povaeva (Moscow), Kristina Agassi (London), Tamara Kilner (London), and Patrick Rosenthal (New York).
