LONDON (ShareCast) - (ShareCast News) - Bank of Georgia said the initial public offering of shares in its Georgia Healthcare Group (GHG) unit would be priced at 170p each, valuing the company at £218m ($328.7m).
The IPO is 38.7m shares to raise £66m ($100m) which will be used to renovate and develop the recently acquired Deka and Sunstone referral hospitals in Tbilisi, adding approximately 500 beds to existing hospital capacity, the company said.

It will also be used to finance current expansion plans, especially the roll-out of GHG's planned ambulatory network with approximately 30 ambulatory clinics expected to be launched within 2-3 years.

GHG will cut the level of existing debt and pay the remaining purchase price its acquisition in August of a 50% stake in GNCo, which indirectly owns 100% of HTMC Hospital.

Bank of Georgia will retain 68% of the healthcare arm, although this could fall to 65% if the over-allotment option is exercised.

Conditional dealings in the shares will start on the London Stock Exchange at 8.00am GMT on 9 November. Admission and the commencement of unconditional dealings are expected to take place at 8.00am GMT on 12 November 2015, the company said.

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