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Labaid Cancer Hospital to go public

FE REPORT | March 23, 2023 00:00:00

Labaid Cancer Hospital & Super Specialty Centre is planning to get listed in the stock market to raise funds.

This will be the second hospital to go public after Samorita Hospital, which got listed on the Dhaka Stock Exchange (DSE) in 1997.

A sister concern of Labaid Diagnostic Centre, Labaid Cancer Hospital has signed a corporate advisory and issue management agreement with City Bank Capital, one of the leading merchant banks in Bangladesh.

City Bank Capital will also act as the issue manager for the planned initial public offering (IPO), according to a statement.

Ershad Hossain, managing director and CEO of City Bank Capital, and Sakif Shamim, managing director of Labaid Cancer Hospital, signed a deal in this regard on Tuesday.

The hospital is yet to disclose how much money to be raised through IPO.

"We are delighted to partner with Labaid Cancer Hospital & Super Specialty Centre to help them achieve their strategic objectives," said Mr Hossain.

The healthcare sector needs huge capital expenditure and the stock market has the scope to finance it, said Mr Hossain.

Labaid Cancer Hospital has a huge growth potential, so City Bank Capital has agreed to provide the service, he added.

Situated at the prime location of Dhaka city, the 14-storey modern building facility of the hospital has over 150 inpatient beds, emergency facilities, intensive care unit, dialysis and palliative care unit, according to the website of the hospital.

The hospital is equipped to provide services, such as chemotherapy, radiotherapy, brachytherapy, immunotherapy and hormonal therapy and a dedicated modern laboratory for cancer diagnosis.

Labaid is a 35-year-old company and it has an intrinsic value, said Shamim of Labaid Cancer Hospital. The initial investment was Tk 5 billion.

The hospital has the potential to grow further, he said.

"We are excited to have City Bank Capital as our corporate advisor and issue manager. With their support, we are confident that we can achieve our growth targets and continue to provide world-class healthcare services to our patients," he added.

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