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Financial market sources told Reuters in May the company was considering an IPO as early as this summer and could raise about $500 million.
EMC said the offering, which amounts to up to 40,000,000 global depositary receipts (GDR) and would give EMC a free float of about 44%, is expected to be announced on or around July 15.
Certain existing shareholders, including Igor Shilov, who now holds a 71.2% stake in EMC, will sell GDRs in the company. EMC will not sell any GDRs in the offering, nor will it receive any proceeds.
EMC has said Shilov will remain a significant shareholder in the company after the offering.
Citigroup (NYSE:C) Global Markets Ltd, J.P. Morgan AG and VTB Capital PLC are acting as joint global coordinators and joint bookrunners in connection with the offering.
EMC, which operates a network of medical centres in and around Moscow, reported revenue of 21.3 billion roubles ($295 million) last year, with a compound annual growth rate for 2018-2020 of 18%.
