Qualicorp wants to sell healthcare to investors.
Company managing group health plans files request for an initial public offering (IPO) on the stock exchange.
247_A Qualicorp, a company that manages group health plans, has filed its request for an initial public offering (IPO) with the Brazilian Securities and Exchange Commission (CVM). The company is the second this week to submit preliminary materials for its IPO. The first was the pharmacy holding company Brazil Pharma, which belongs to André Esteves' group. What they have in common is that two strategic investors are behind the move. In Qualicorp's case, the private equity fund Carlyle, a financial giant with US$106,7 billion, acquired the company in July of last year.
With approximately 900 beneficiaries of its health plans, Qualicorp will attempt to maintain the same performance it has shown in recent years as a publicly traded company. The company's operating revenue grew 43,7% in two years to R$ 470 million. And net profit increased 54,5% in the same period, to R$ 63,7 million. One of the company's objectives is to continue increasing the proportion of clients with both health and dental plans. Currently, about 30% have both coverages.
The details of the offering have not yet been defined by Merrill Lynch, the lead coordinator of the operation. But investors need to pay attention to the proportion of primary and secondary shares that will be placed on the market. Carlyle owns 68,6% of Qualicorp's capital and José Seripieri Filho, 31,4%. It is likely that both shareholders will give weight to the shares they hold (secondary offering) to pocket the proceeds from the fundraising.