Bank of Georgia (BGEO) has announced plans to proceed with an initial public offering of its healthcare subsidiary Georgia Healthcare (GHG) to be floated on the premium listing of the London Stock Exchange.
The listing marks the first realisation of the bank's non-banking businesses, and while no details of the amount likely to be raised are yet available, GHG is the single largest healthcare services and medical insurance provider in the fast-growing Georgian healthcare market, which Bank of Georgia expects to grow by over 13 per cent between 2014 and 2018. GHG's market share was 14 per cent in terms of revenue in 2014, delivering a nearly a quarter of all bed capacity, and following the acquisition of High Technology Medical Centre University Clinic in August this year its market share by beds grew to 27 per cent.