“We have a new and modern market which is now ready to absorb large transactions more than ever in the past. BVB is a new brand today, a new point of interest for local and foreign investors. BVB is about keeping constant connections with the brokerage firms and private companies. That is why I am not surprised that MedLife has successfully listed on the stock exchange. Events of such magnitude simply had to happen,” said Ludwik Sobolewski, Bucharest Stock Exchange CEO.
“It is a giant step for the local capital market. We strongly expect the success of MedLife will soon be followed by more and more entrepreneurs who will see in the Romanian capital market a reliable partner to develop their businesses,” BVB Chairman, Lucian Anghel, said.
MedLife, founded in 1996, operates the largest private clinics’ network, several medical laboratories, general and specialists hospitals in Romania. The total value of the IPO amounted to RON230 million (EUR50.5 million) for a 44% stake in MedLife. The investment fund Value4Capital Eastern Europe Holdings (V4C) sold a 36.25% stake in the company, while the International Finance Corporation (IFC) sold 7.75%. MedLife’s IPO was brokered by Raiffeisen Bank as leader of the consortium and Wood&Co.
The IPO consisted of 8.8 million shares which were sold in two tranches: 85% to institutional investors between December 6-15, and 15% to retail investors, between December 7-15. The final share price from the IPO was set at RON26 for institutional investors, RON24.7 for private individuals who subscribed during the first four days and RON26 for the remainder. For the first trading day, the shares will not have a variation limit.
At RON26 per share, MedLife has a market capitalization of RON522.4 million.