Turkven completes Medical Park listing on Borsa Istanbul

Nicole Tovstiga
08 February 2018

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Turkish GP Turkven has listed hospital group Medical Park on the Borsa Istanbul with a $1.02bn market cap.

The Turkey-headquartered GP made a full exit selling 72.8 million shares, including overallotment against demand for 89.2 million shares.

The offering was set at 19 lira per share, after initially being priced at up to 28.8 lira. Following low demand and sharp drops on global stock markets, the IPO price range was revised down to 19-20 lira.

Together with the capital raise, the company netted TRY 600m in gross proceeds through the listing. These would be used to reduce net debt by repaying foreign-currency-denominated debt arising from the company's syndicated loan facilities, according to the firm.

Sold shares represented 36.15% of Medical Park's total capital, earning the seller around TRY 1.38bn ($370m) out of a total valuation of TRY 3.83bn ($1.02bn).

Of the sold shares, 83.5% of the offered shares sold to a total of 30 international institutional investors, and the remainder was sold to 69 domestic institutional investors and a further 5,252 individual investors.

Temasek bought 9.95 million shares (15.7%), Genesis Investment 7.36 million (11.6%), Charlemagne Capital 6.5 million shares (10.3%), Carrhae Capital 5.25 million (8.3%), AllianceBernstein 4.42 million (7%), Goldman Sachs 3.68 million (5.8%), and East Capital 3.38 million (5.3%).

Trading will commence on 13 February. AK Investment acted as bookrunner for the offering.

Previous funding
Carlyle initially invested in the hospital group in December 2009, picking up a 40% stake in an all-equity deal via its MENA fund. In January 2014, Turkven acquired Carlyle's 40% holding. The deal saw the company's other investors, Sancak Group and Usta Group, also partially sell their interests.

Unquote reported Turkven's intentions to float Medical Park in August 2017, marking the end of the GP's ownership after a three-year holding.

Company
Medical Park was established in 2005 through a partnership between two existing hospitals based in Istanbul. It operates with 1,750 physicians, 15,000 employees and 4,900 beds across 29 hospitals.

People
Turkven – Seymur Tari (founder, CEO).