Cinven-backed Spire valued at up to £1.1bn for IPO

Should the shares be sold at the higher end of the price range, the company would have a market cap of approximately £1.1bn.

The flotation of 33% would generate gross proceeds of around £315m prior to any exercise of a 15% overallotment option.

According to unquote" data, Cinven acquired Spire from Bupa in a £1.44bn deal in June 2007, beating competition from CVC, Terra Firma and BC Partners in the last round of the auction process.

The sale process follows Spire's divestment of 12 of its 28 hospitals in February last year, in a bid to reduce its debt. The deal was expected to see the company's debt reduced by £700m from £1.4bn.

Cinven brought in Morgan Stanley and Bank of America Merrill Lynch to advise on the sale process in March this year.

Given its potential market cap, the company expects to be eligible for inclusion in the FTSE 250 Index.

Conditional dealings are expected to begin on 18 July with unconditional dealings anticipated around 23 July.

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