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Olympus-backed DM Healthcare targets IPO by 2015

  • Alvina Yuen
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Olympus Capital-backed DM Healthcare, a Dubai-based healthcare services provider which gets a majority of its business in the Middle East, aims to go public by 2015.

"In the next 2-3 years we're looking at an IPO, either in markets like London or here [the United Arab Emirates] if the market improves, or maybe in India where the multiples are very good actually," Azad Moopen, chairman of DM Healthcare, told Arabian Business.

DM Healthcare is a major healthcare services provider with a rapidly expanding presence in India. It has the largest network of medical centers, hospitals and pharmacies in the Gulf Cooperation Council countries, and owns five hospitals, 38 medical centers and 75 pharmacies under the Aster umbrella, largely located in southern India.

In September, the company said it would invest INR15 billion ($270 million) in India, hoping this will help boost overall revenues by 40% to INR23 billion in the coming financial year. DM Healthcare currently relies on India for 10% of its revenue. The plan is for India's contribution to reach 20% by 2017.

In January, Olympus invested more than INR5 billion ($100 million) for a minority stake in DM Healthcare, in a deal that enabled India Value Fund to exit the company. Moopen added that another round of external capital is a possibility.

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