Middle East hospital operator VPS Healthcare considers Abu Dhabi IPO: sources

DUBAI: Middle Eastern hospital operator VPS Healthcare is considering an initial public offering in Abu Dhabi and has invited a select number of banks to pitch for roles, two sources told Reuters.

A request for proposals was sent to the banks earlier this month, said the sources with knowledge of the matter, declining to be named as the matter was not public.

The owner of the company is considering the possibility of a deal this year, they said, adding that no final decision had been made regarding the initial share sale.

They did not provide further details.

VPS did not respond to a request for comment when contacted by Reuters on Monday.

The company, which manages the UAE’s Burjeel hospitals, has a network of 24 hospitals and 125 clinics across the Middle East and India.

VPS had previously planned to go public with a listing in London but in 2019 was forced to reconsider due to uncertainty surrounding Brexit.

Investor interest is gaining momentum in Abu Dhabi after a slew of listings last year including ADNOC Drilling , Fertiglobe and Yahsat.

Traded value on the Abu Dhabi bourse increased five-fold last year to 739 billion dirhams ($201.22 billion).