Hospitals group Medicana eyes London IPO in 10 years

The Turkish hospitals group Medicana targets to offer its shares to the public on the London stock exchange in the next five to 10 years, Hüseyin Bozkurt, the board chairman of Medicana Group has said.

“I believe, we will make investments worth $500 million by then,” he said.

Medicana opened its first hospital in Istanbul’s Avcılar district in 1992.

“Since then, we went through five or six crises. We have learned to survive the crises.”

With the new facility opened recently in Istanbul’s Ataköy region, Medicana’s network expanded to include a total of 15 hospitals.

“The number of hospitals will increase to 17 with the addition of the one in Istanbul’s Zincirlikuyu in the coming months and the hospital we will open in Bosnia,” Bozkurt said, noting that the hospital in Bosnia will be the group’s first investment abroad.

Medicana aims to have at least 30 hospitals in the next five to six years, according to Bozkurt.

It also stepped into the education sector.

Medicana Health Group’s total turnover reached 5.5 billion Turkish Liras last year, including revenues from education, turnover stood at 6 billion liras.

The group targets to increase its turnover from an estimated 12.5 billion liras in 2023 to more than 30 billion liras in 2024.

“In the medium-term, we aim to generate 50 percent of our revenues in foreign currencies. We will do this not only by bringing foreign patients to Türkiye but also by making investments abroad,” Bozkurt said.