IPO looming for Middle East's largest Dx company

Dubai's Abraaj Capital, the largest private equity outfit in the Middle East, is considering a public sale of its shares in Integrated Diagnostics Holding.

Integrated Diagnostics Holding--not to be confused with the similarly named Seattle company--is the result of a merger between Al Borg Laboratories and Al Mokhtabar Laboratories, and the Egypt-based test provider is the largest one in the Middle East, Reuters reports.

Abraaj owns about 50% of the company, and its CEO told the news agency that it will likely sell part of its stake to the public in an IPO next year while hocking the remainder to a strategic investor. "The company has been self-funded for some time, and the IPO will guarantee funding for its future growth," Mustafa Abdul-Wadood told Reuters.

Just where Abraaj will list Integrated Diagnostics Holding remains up in the air, but the company is looking around internationally. "I can think of London as one option," Abdul-Wadood said.

Abraaj didn't disclose a possible price for the future IPO, but once the details are sorted out, Integrated Diagnostics Holding will join the grown ranks of Dx companies going public, including AutoGenomics ($AGMX), seeking $65 million, and GenMark Diagnostics ($GNMK), which priced its offering at $42 million.

- read the Reuters report