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Ithmar Capital

 Dubai private equity firm listed its portfolio company on London exchange

Ithmar-Al-Noor-Medical.jpgIthmar Capital, a private equity firm based in Dubai, has announced the initial public offering of its portfolio company, Al Noor Hospitals Group, on the London Stock Exchange.

Ithmar Capital will retain a 28 percent stake in Al Noor after selling some shares in the offering. As DubaiBeat reported back in 2010, it had taken a $272 million equity stake in Al Noor Hospital back then. Their IPO prospectus is here.

Ithmar Capital is listed in the Middle East Investors Directory with the code OR32.

More details follows:

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 Dubai private equity firm acquired stake in a healthcare firm for $272 million

Ithmar-Al-Noor-Medical.jpgDubai investors of Ithmar Capital, a private equity company based in Dubai, has taken a $272 million equity stake in Al Noor Medical Company in Abu Dhabi.

Al Noor was founded 25 years ago and is a privately-run healthcare company that operates three hospitals, three clinics and 10 pharmacies in Abu Dhabi and treats 1.2 million patients a year. Dubai investors Ithmar’s capital injection is designed to fund an expansion of Al Noor through acquisitions, new development, public-private partnerships and strategic equity investments. The idea is to create a regional healthcare services company. The healthcare market in the Gulf is expected to grow fivefold by 2025 and the GCC healthcare sector was estimated to be valued at between $15 billion and $18 billion last year.

The $272 million stake in Al Noor is the largest Ithmar has made since it was founded in 2005. Ithmar has more than $544 million in assets under management and is listed in the Middle East Investors Directory with the code OR32.

More details from their release follows

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