(MENAFN- ProactiveInvestors) The trickle of companies announcing their intention to float on the stock exchange continues with a diagnostics services provider the latest to pitch up.
Middle East and Africa-focused Integrated Diagnostics Holdings (IDH) is applying for a full listing on the .
The flotation will see the current owners sell off some of their holdings.
At present Integrated Diagnostics Group (IDG) and HENA Holdings both of which are controlled by the Abraaj Group and the founders of IDH own 38.72% and 40.28% respectively of IDH’s share capital with Actis IDH holding the remainder.
IDG and HENA plan to sell up to 45% of the company's share capital including the exercise of an up to 15% over‑allotment option.
The company is the largest fully integrated private sector diagnostics services provider in Egypt and taking into account its operations in Jordan and Sudan it operates 283 laboratories.
Revenue in the first nine months of 2014 totalled 625mln Egyptian pounds up from E£490mln in the same period of 2013.
Profit before tax in the period was E£155.2mln versus a profit of E£105.1mln the year before. Adjusted underlying earnings (EBITDA) were E£265.6mln up from E£209.0mln a year earlier.
The company intends to be a dividend paying one.
As of 30 September 2014 the group had a positive cash position of E£ 165.3 million and the net debt to EBITDA ratio was negative 0.6 which IDH believes gives it significant strategic flexibility.
“Our strong market position enables us to serve our customers by providing crucial diagnostics services in our still largely underserved and unpenetrated markets” said Dr Hend El Sherbini chief executive officer of IDH.
“As we continue to build on our success to date reflecting years of profitable growth high margins and operational excellence we believe IDH represents a highly attractive future growth story. This initial public offering is a pivotal next step for us that will allow us to further accelerate our market penetration and expand our service offerings in Egypt and importantly across the broader Middle East and Africa region" she added.
The announcement of an intention to list in London follows similar announcements in the last week from tool hire group HSS and online train ticket booking platform .com.
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