International law firm Clifford Chance is advising the joint sponsors, joint global co-ordinators and joint book runners on the proposed IPO of Al Noor Hospitals Group Plc, the largest integrated private healthcare service provider in the Emirate of Abu Dhabi.
Al Noor intends to raise gross proceeds of approximately $150 million and is expected to have a free float of c.30-45% at IPO.
“We fully expect to see a continuing trend of companies from the Middle East considering a London listing. Whilst the London market is by no means out of the woods yet, market sentiment is much more positive now than it has been for a long time and this is showing in the transactions that have been launched recently. Based on what we are seeing, we anticipate strong equity capital markets activity for the remainder of the year,” Clifford Chance partner Iain Hunter, said.
Clifford Chance’s Capital Markets practice has advised on the launches of two key London IPOs in recent weeks – CVC Credit Partners European Opportunities and Partnership Assurance. The practice has a strong track record advising UAE companies in relation to the London market, including advising on DP World’s premium London listing in 2011 and NMC Health’s premium London listing in 2012.
London Capital Markets partner Iain Hunter led the team for Clifford Chance, assisted by senior associate Helen Ahern; UAE advice was provided by Dubai corporate partner Mike Taylor, assisted by senior associate Nick Boyd; US advice was provided by US Securities partner John Connolly, assisted by US associate Erin Levin.
Clifford Chance continues to be recognised for its cutting-edge work in the Middle-East with the Firm recently being named Middle East Law Firm of the Year by Chambers Global 2013 and IFLR Middle East International Law Firm of the Year 2012 (winning for the fifth time in six years). The Firm was also awarded the highly coveted International Law Firm of the Year by Chambers Global.
Clifford Chance has in the past two years launched offices in Doha, Casablanca and Istanbul as it continues to serve clients across the Middle East and North Africa.