Russia's EMC Sets Moscow IPO Price Range At $12.5 - $14.0 Per GDR

United Medical Group CY PLC, a Russian healthcare services provider operating under the European Medical Center or EMC brand, Wednesday said it has set the indicative price range for its initial public offering or IPO at between $12.5 and $14.0 per global depositary receipt or GDR.

The implied equity value of United Medical amounts to $1.125 billion to $1.260 billion, based on the indicative price range.

In the offering, existing EMC shareholders will offer GDRs, each representing an ownership interest in one ordinary share of the Company. The indicative offering size amounts up to 40 million GDRs.

The company said the final price in respect of the Offering will be determined following a bookbuilding process that commences today.

The Offering Price is expected to be announced on or around July 15.

The company has planned to list its GDRs on Moscow Exchange. The GDRs are expected to be admitted to trading in the "Level 1" part of the List of Securities Admitted to Trading on Moscow Exchange under the ticker GEMC on or about July 15.

Andrey Yanovsky, CEO of EMC, said, "The Company has recently completed a major investment programme, which we expect will support EMC's leading positions in terms of advanced medical technologies, qualified healthcare professionals and high-quality service for years to come. This will allow us to focus on growing our market share, as well as increasing operational efficiency and returns for both current and future shareholders."

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