Icade's healthcare property arm Icade Santé on Wednesday announced the launch of its Initial Public Offering (IPO) on Euronext Paris, following approval of the IPO prospectus by the French stock market regulator.
Icade Santé, a €6 bn healthcare property owner with 183 facilities in France, Germany, Italy and Spain, is pricing the IPO between €115 and €135 per share, translating into a market value including full IPO proceeds for the company ranging from €5.6 bn to €6.4 bn.
The IPO, which includes an approximately €800 mln capital increase, is aimed at accelerating the group's growth strategy and financing the firm's €3 bn investment plan over the 2021-2025 period. This includes a pipeline of projects launched or yet to be committed for €489 mln; €350 mln worth of acquisitions under exclusivity agreements and a rolling volume of investments under review between €600 mln and €1 bn.
After the operation, which is expected to complete on Sept 30, Icade will remain the controlling shareholder of Icade Santé and will continue to consolidate Icade Santé using the full consolidation method. The parent group currently holds 58.3% of Icade Santé,
Xavier Cheval, CEO of Icade Santé, said: 'Icade Santé is a leader in healthcare real estate in Europe. It benefits from a very solid business model, remarkable features and a strong strategic position on its markets. Our Initial Public Offering is designed to finance our growth ambitions for 2025, namely the acceleration of our international expansion and the further diversification of our portfolio. Icade Santé’s teams and I are very proud to initiate this offering, which will enable us to consolidate our leadership while welcoming new shareholders who will participate along with historical shareholders to future growth and value creation.'