Spire Healthcare to Raise 315 Million Pounds in Share Offering

Jul 07, 2014 2:46 am ET

July 7 (Bloomberg) -- Spire Healthcare Group Plc, a U.K.- based private hospital chain, said it plans to raise 315 million pounds ($540 million) in an initial public offering to help reduce debt.

The shares, to start trading on or around July 23 on the London Stock Exchange, will probably be priced at 210 pence to 300 pence each, Spire said in a statement today.

“We are pleased with the level of investor interest we’re seeing at this stage of the IPO process,” Chief Executive Officer Rob Roger said in the statement. “We believe the dynamics of the U.K. health-care market are strong and will strengthen further given the growing U.K. population and increasing life expectancy.”

Spire is the second-largest operator in the U.K. independent acute health-care sector by revenue with 39 private hospitals and 13 clinics across England, Wales and Scotland. Spire’s offering would add to resurging healthcare IPO activity in Europe, where so far this year 13 companies have raised $1.03 billion, compared with $102 million in the same period a year ago.