UK private hospital group Spire is to list its shares on the London Stock Exchange, the company said today. 

Spire said it plans to raise gross proceeds of £315m as it seeks a larger slice of the healthcare market. 

The company, owned by private equity firm Cinven will be valued at around £1 billion, excluding debt, in the sale of new and existing shares, two sources familiar with the matter said. 

Spire, which is the UK's second-largest chain of private hospitals, generated earnings before interest, tax, depreciation and amortisation of £154.1m in 2013 after rental costs. 

Cinven created Spire through its 2007 purchase of Bupa's hospitals business. The chain refinanced its loan facilities in 2013 with a sale and leaseback of 12 of its 38 hospitals, raising around £700m to reduce debt. 

The firm said it is planning a free float of at least 25% of issued share capital.