Integrated Diagnostics Holdings (IDH) announced the successful pricing of its initial public offering (IPO) of ordinary shares at $4.45 per ordinary share on the London Stock Exchange (LSE).

The company started conditional trading on 6 May and expects to commence with admission on 11 May.   

The offer comprises 65.2 million shares at an offer price of $4.45 per ordinary share – equivalent to an offering size of $290 million and 43.5% of the company's share capital (excluding exercise of the over-allotment option).

The over-allotment option consists of 9.8 million ordinary shares representing 6.5% of the company's share capital provided by the selling shareholders have been granted.

The market capitalisation of IDH at listing, per the offer price and the number of shares in issue, will be $668 million.

Deutsche Bank AG, London Branch (Deutsche Bank) and EFG-Hermes Promoting and Underwriting (EFG-Hermes) are acting as the Joint Global Co-coordinators, and, together with Citigroup Global Markets Limited, as Joint Book runners.

IDH is the largest fully integrated private sector diagnostics services provider in Egypt, including pathology and molecular diagnostics, genetics testing and basic radiology, and in 2013 had a private chain market share by revenue of 55%.

The group operates mainly in Egypt through its Al Borg (Core) and Al Mokhtabar (Core) businesses.