Portuguese private healthcare provider Luz Saude has secured the clearance of its parent company’s shareholders to pursue an initial public offering (IPO) on Euronext Lisbon, reported Bloomberg.
The approval was granted at a shareholders’ meeting of Portuguese insurer Fidelidade, which is in turn owned by China’s Fosun International.
Luz Saude will engage with banks advising on the IPO in mid-January, with a potential listing expected in the first quarter.
Additionally, shareholders green lighted the divestment of a minority holding in Luz Saude, to be carried out via a private placement of new shares.
This private placement would occur before the potential listing.
Citing sources privy to the development, Bloomberg News said that the decision to move forward with the share sale will be finalised only if Luz Saude gets a valuation of approximately €1bn ($1.1bn).
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Luz Saude, comprising 29 hospitals, clinics, and nursing homes, is said to be one of Portugal’s largest private healthcare providers.
Established in 2000, Luz Saúde is present across mainland Portugal as well as Madeira.
It aims to provide integrated healthcare services, with hospital units, outpatient clinics, and senior residences.
In 2014, it was listed on the stock exchange, with Fidelidade assuming control of the business in the same year and becoming its majority shareholder.
It was delisted from Euronext Lisbon in 2018 after Fosun acquired majority of its shares.
In September 2022, Fidelidade bought the remaining 49% of Luz Saude it did not already own from Fosun.
Luz Saúde said that it envisions becoming a reference in specialised healthcare, by the practice of innovative medicine integrated with teaching and research.