In the field of "Medicine": Russia's oldest private clinic is preparing for an IPO
The oldest private clinic in Russia is preparing for an initial public offering (IPO), Izvestia found out. JSC "Medicine", which includes the medical institution of the same name in the center of Moscow and the Institute of Nuclear Medicine in the Moscow region, plans to list on the Moscow Stock Exchange in the fall of 2026. The owner of the asset, academician of the Russian Academy of Medical Sciences Grigory Roitberg, attempted to attract a strategic investor in 2023, but it was not possible to find him then. Experts note that the main profile of the clinic, oncology, is one of the most promising areas for investment in medicine, and other industry players may take similar steps in the future. Izvestia investigated why such companies are increasingly thinking about listing on the stock exchange.
Why are medical companies going public?
Academician of the Russian Academy of Sciences, Doctor of Medical Sciences Grigory Roitberg, who owns the oldest private clinic in the Russian Federation, JSC Medicine, intends to conduct an initial public offering (IPO) of his medical institution in the fall of 2026. This was reported to Izvestia by two sources close to the company, as well as an investment banker familiar with the preparation of the deal.
According to him, the clinic had previously sent offers to banks to participate as underwriters of the placement — to Sber, VTB and Alfa-Bank. The interlocutors did not specify how many shares are planned to be placed and who will act as a partner. Izvestia sent inquiries to these banks.
The company's development strategy provides for various instruments for attracting financing, including the possibility of entering the public capital market, Roman Romasko, the company's Director of General Affairs, confirmed to Izvestia. However, he clarified that the decision to hold an IPO has not been made at the moment. If it is adopted, the company will tell about it in accordance with the procedure established by law, the top manager noted. Grigory Roitberg could not be contacted.
"Medicine" is the oldest private institution in the country. In 1987, cardiologist Grigory Roitberg and his partners founded the Pulse cooperative to provide ambulance services to foreigners. Later, a polyclinic was opened under the brand "Medicine". In 1996, a hospital and an operating unit appeared on its base. Now it is a multidisciplinary medical institution with its own oncological center next to the Mayakovskaya metro station, as well as a separate unit, the Institute of Nuclear Medicine in Khimki, Moscow region. According to its own data, the company employs more than 1,000 people, including 87 doctors and candidates of medical sciences. This is the clinical base of the Department of Therapy, General Medical Practice and Nuclear Medicine of the Pirogov Russian National Research Medical University.
By the end of 2024, JSC took the 13th place in the ranking of the largest private multidisciplinary clinics according to the Vademecum industry publication. The organization does not disclose financial indicators in accordance with IFRS. By the end of 2025, RAS revenue amounted to 8.1 billion rubles, which is 10% more than a year earlier. Net profit for the same period increased by 4% to 1.3 billion. The controlling beneficiary is Academician of the Russian Academy of Sciences Grigory Roitberg, according to the explanatory note to the financial statements.
The shareholder wants to raise capital for business development, says Vyacheslav Berdnikov, head of the Public Equity Analysis Department at Sovcombank. The owner has been trying to find an investor for a long time to expand the clinic, recalled the investment banker who worked with the academician. According to him, he wanted to sell a minority stake in the company, but could not find a buyer.
The desire to hold an IPO may be related to increasing brand awareness, as well as optimizing the debt burden, says Damir Sukhov, Kept partner and head of healthcare and pharmacy practice.
What is the medical market interesting for investors?
The commercial medicine sector is of interest to both private and institutional investors, said Sofia Kirsanova, Senior analyst at Sber CIB. According to her, this is due to the fact that it does not depend on geopolitics and meets demographic trends. The assessments of public medical companies are at a good level, Vyacheslav Berdnikov pointed out. Taking into account the fact that the average EV/EBITDA (the ratio of the company's value to earnings before interest, taxes and depreciation) in 2026 in the sector is in the range of a multiplier of 5.5–6.5, investors will expect a rating of 6 or lower, Sofia Kirsanova estimated. According to her, pharmaceutical companies with higher profitability are trading EV/EBITDA in 2026 at 5. The cost of the clinic's business, according to her estimates, may amount to 12-14 billion rubles.
Investment banker Ivan Peshkov estimated the business, taking into account the debt, at 18-21 billion rubles. According to him, a significant share of revenue is generated from the proceeds from the compulsory health insurance system, which is characterized by instability and dependence on regional commissions in terms of the allocation of funds to private clinics. This factor may affect the final value of the asset, he noted.
The private medicine industry has proved resilient to the slowdown in consumer demand, Vyacheslav Berdnikov noted. Since 2020, its share in the total healthcare structure has increased by 4 percentage points and reached 19% in 2025, according to a study by Equity Research at Sovcombank. According to the results of last year, the medical services market amounted to 10.3 trillion rubles in money, of which 1.9 trillion was in the commercial sector. In Moscow, from 2021 to 2025, the turnover of paid medical services in the segment of medium-level outpatient clinics increased 1.9 times, to 100.9 billion rubles, Businessstat estimates. This is due to an increase in the cost of appointments, as well as an increase in the number of patients amid the expansion of voluntary medical insurance (VMI), agency analysts say.
This segment remains extremely promising for an IPO, Vyacheslav Berdnikov noted. According to him, there are many potential companies in the industry, and the medical services market itself remains growing. Several companies in this market are already preparing for an IPO, in particular Medsi, Medscan and Fomin Clinics, said Damir Sukhov from Kept. JSC "Medicine" focuses on the treatment of oncology, which is one of the most sought—after areas in the segment, the expert added. Companies can use the funds from the IPO both for organic growth and for the acquisition of other companies (M&A) to consolidate the sector, Vyacheslav Berdnikov noted.
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