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Dubai's Aster DM Healthcare eyes IPO in 2018

Aster DM Healthcare Ltd. intends to sell 10% of its shares in an IPO by October 2018, Bloomberg News reported, citing Aster DM CEO Alisha Moopen.

The Dubai-based healthcare service provider aims to list its shares in either Mumbai, India or London, as "sentiments are fairly stable" for the Persian Gulf, Moopen reportedly said. The company filed a draft prospectus for an IPO in 2016, when an oil price slump dragged growth in the Middle East and companies were shrouded in uncertainty.

Aster DM will use proceeds from the float to pay debt and expand, including through acquisition. The company wants to expand in Ethiopia, Kenya, Nigeria and elsewhere in Africa, according to Moopen, adding that a joint venture would be the "ideal structure" to venture into African cities.

Aster DM selected Kotak Mahindra Capital to serve as lead manager of the transaction. Banks tapped for the previously planned IPO are involved in the current blueprint. Bank of America Corp., Goldman Sachs Group Inc., Edelweiss Financial Services Ltd., ICICI Securities Ltd., JM Financial Ltd. and SBI Capital Markets were also hired for the transaction.