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MDMG IPO to Yield $311M

Private health clinics and hospitals company MD Medical Group's London share listing made a smooth start Friday, with the global depositary receipts trading at a 2 percent premium to their issue price of $12.

The firm said it expected the sale of new and existing shares to raise $311 million, assuming an overallotment option was taken up, and it put its market capitalization at about $900 million, with a free float of about 35 percent.

Russia's state-backed private equity fund RDIF, funds of asset manager BlackRock, private equity firm Siguler Guff's Russia Partners, and others spent $50 million in the share offer, according to RDIF.


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