A network of private clinics "European Medical Center" (EMC) announced its plans to hold an IPO on the Moscow Stock Exchange, according to the EMC website.

The clinic will offer global depositary receipts for common shares of the network's management company United Medical Group CY PLC.

Among those who will sell shares of the company, there is a billionaire Roman Abramovich, whose participation in this institution was not previously known, writes Forbes.

According to the results of last year, EMC was in second place in the top twenty largest medical companies in the country according to Forbes. The organization's revenues for 2019 amounted to 16.4 billion rubles.

Selling shares in the IPO will be INS Holdings Limited ex-owner of juice producer "Nidan" Igor Shilov, who owns 71.2% of EMC, the company Greenleas International Holdings (beneficial owner is Roman Abramovich, owns 6.9% of EMC) and Hiolot Holdings Limited, whose beneficial owner Egor Kulkov currently has 20.8% of EMC and last year was in the list of richest businessmen in Russia. This follows from the message of United Medical Group.

The organization noted that Shilov will retain a significant stake in the company after the IPO.

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Author: Ksenia Gustova