Prime to raise £200m through IPO
Prime, the healthcare properties investor, has announced its intention to raise £200m through an initial public offering (IPO) on the London Stock Exchange (LSE). The Worcester-based company said it will trade its shares to fund acquisitions.
The company, which had a portfolio of 74 companies in June this year, said it hoped to begin trading “by the end of the year”. It will sell shares through an offer to institutional investors.
Chief executive Richard Laing said the admission to float will enable the company to “accelerate the growth of the business”.
He said: "This is a very exciting stage in Prime's development. As the UK government looks set to improve the operational efficiency of the public sector property portfolio, Prime's track record and tailored real estate offering means it is ideally positioned to take advantage of the numerous opportunities that this presents.
"Published reports have shown that many existing facilities are inadequate for the broader range of services that GPs are now performing, and will continue to perform, in the primary care setting. The board believes that now is the right time for us to seek admission as it will enable us to accelerate the growth of our business as broader opportunities become available".
