Abu Dhabi Billionaire Considers IPO of Pharmaceuticals Business

(Bloomberg) -- Abu Dhabi billionaire Bavaguthu Raghuram Shetty, the founder of two London-listed companies, is considering selling shares in his pharmaceuticals business.

"It makes sense to take it down this path where an IPO as an option is a good thing," said Binay Shetty, chief executive officer of BRS Ventures. Work on the potential share sale in Neopharma is at an initial stage, he said.

Shetty said the business could be listed in the next three years but that there was no decision on whether to return to London again. "We want to work on this for the next six months internally."

Shetty’s father founded London-traded NMC Health Plc and Finablr Plc, the payments processor that went public in May. Neopharma currently operates in about 50 markets, including Middle East, Africa and Asia.

To contact the reporters on this story: Nicolas Parasie in Dubai at nparasie1@bloomberg.net;Manus Cranny in London at mcranny@bloomberg.net

To contact the editors responsible for this story: Stefania Bianchi at sbianchi10@bloomberg.net, Shaji Mathew

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