2 months ago

Labaid Cancer Hospital plans to go public

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Labaid Cancer Hospital and Super Specialty Centre, a sister concern of Labaid Diagnostic Centre, is planning to come to the stock market to raise funds.

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

Labaid Cancer Hospital has already signed a corporate advisory and issue management agreement with City Bank Capital, a merchant bank.

City Bank Capital will also act as the issue manager for the planned initial public offering of the hospital.

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 at City Bank Capital’s headquarters in Dhaka on Tuesday.

"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 capital market has the scope to supply it, so the cancer hospital is planning to raise funds from the market, Hossain said.

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

The 14-storey modern building facility of the hospital has over 150 inpatient beds, emergency facilities, intensive care unit, dialysis and palliative care, according to the website of the hospital.

It has the facility of chemotherapy, radiotherapy, brachytherapy, immunotherapy and hormonal therapy and a dedicated modern laboratory for cancer diagnosis.

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

The hospital has the potential to grow further, and it has plans to go for expansion, 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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