Cambian Group, a Britain-based health firm is seeking to secure £20 million or $33.2 million for its initial public offering in London, Reuters reported. The behavioral health services firm is going public so that it will be able to tap a wider capital base.

RTT News reported that Cambian Group, which is made up of Cambian Healthcare, Cambian Education, Care Aspirations and Advanced Childcare, will be offering its shares to selected institutional and professional investors. It has plans of applying its shares to be listed in the Official List and trade on the London Stock Exchange's Main Market.

After Cambian Group finishes its offering, it is set to hold a free float of at least 50% of the company's issued share capital. An over-allotment option of as much as 15% of the total offering is also expected to be made available by the Cambian Group. The company is set to be admitted next month and is expected to qualify to be included in the FTSE UK indices. The global coordinator, sole sponsor and joint bookrunner of the offering is JP Morgan Securities while Numis Securities Ltd is acting as joint bookrunner. The co-lead manager for the offering is Canaccord Genuity, RTT News reported.

Last month, the Financial Times reported Cambian Group's private equity owner GI Capital has asked bankers to look at a potential listing for the business it had owned since 2004 before the summer. Private equity firms own most of the mental health and elderly care providers like the Cambian Group in the UK since these were taken private in the 1990s. These buyout firms, however, are now intent on getting back the returns of their investments, causing industry observers to believe that more listings will most likely take place in London in the coming years, the FT report said.