Portfolio company news

All Group media enquiries should be directed to
Vanessa Maydon, Corporate Affairs Director.

Cinven Partners LLP
Warwick Court
Paternoster Square
London EC4M 7AG


Tel: +44 (0)20 7661 3325
Mob: +44 (0)7802 961 902
Email: Vanessa Maydon

Press releases

Spire Healthcare
7 July 2014

Announcement of Price Range

Following its announcement on 25 June 2014 of its intention to proceed with an initial public offering ("IPO" or "Offer"), Spire Healthcare Group plc today announces the expected price range for its IPO and its intention to publish, later today, the Prospectus for the Offer. 

  • Expected price range for the Offer has been set at between 210 pence to 300 pence per Share 
  • At the mid-point of the price range, Spire's market capitalisation at Admission would be approximately £955 million, which is expected to make Spire eligible for inclusion in the FTSE 250 Index in due course 
  •  Spire expects to raise gross proceeds of £315 million for the Company through the issue of new Shares, which together with existing cash resources, will be used to reduce the Group's indebtedness and cover IPO costs (including management and staff accrued bonuses) 
  • The offer will result in a free float of up to 45% of Spire's Shares in issue at admission. Prior to any exercise of the 15% over-allotment option, the minimum number of Shares to be included in the Offer will be 105,318,635 Shares and the maximum number of Shares to be included in the Offer will be 180,486,626 (which will include Shares being offered indirectly by funds managed by Cinven Limited and certain directors through Rozier S.à r.l., the "Selling Shareholder", at their discretion) 
  • Final pricing is expected to be announced on or around 18 July 2014, with conditional dealings in the Shares beginning on the London Stock Exchange on the same day 
  • Admission is expected to occur and unconditional dealings in the Shares on the London Stock Exchange are expected to commence on or around 23 July 2014 

Rob Roger, Chief Executive Officer, said: 
"We are pleased with the level of investor interest we're seeing at this stage of the IPO process. We believe the dynamics of the UK healthcare market are strong and will strengthen further given the growing UK population and increasing life expectancy. Spire represents an opportunity to invest in a business with a strong track record and would be the first UK-based private hospital group to list on the London Stock Exchange. We look forward to welcoming new investors, including our employees and consultants, as we embark on the next phase of our growth. We remain committed to providing the highest quality patient care whilst seeking to deliver sustainable returns for our shareholders."