UAE’s Aster DM Healthcare to raise $150m by listing on India’s BSE

United Arab Emirates-based Aster DM Healthcare expects to raise around $150m from listing a 10 per cent stake on the Bombay Stock Exchange by March 2018, its managing director said on Monday.

The company filed a prospectus for an initial public offer (IPO) of shares in India in June last year.

Managing Director Azad Moopen told Reuters in Dubai that the company would list the minority stake on Asia’s oldest exchange before the end of the current financial year in March.

“We are planning to do the roadshows in November and December,” he said.

The company, which operates hospitals, clinics, and pharmacies in the Gulf and India, will use the proceeds to pay off some of its debt, and also finance business development.

“We have strategically decided we will have more focus on India,” Moopen said.

He also said the company had received between 60 per cent and 70 per cent of payments owed to it by Saudi Arabia’s ministry of health, and that all outstanding payments could be received in the next three to four months.

Moopen told Reuters in June it was owed $150m in delayed payments from the Saudi ministry.