Allen & Overy (A&O) and Clifford Chance (CC) are advising on Abu Dhabi healthcare company NMC Health's planned $250m (£159m) London listing.

According to the advisers, the initial public offering (IPO) could mark the first time an Abu Dhabi business has obtained a full premium listing on the London Stock Exchange.

A&O is advising the issuer on the deal, which was announced earlier this month (8 March), while CC is acting for the underwriters – Deutsche Bank as bookrunner and Numis Securities and Dubai's SHUAA Capital as joint lead managers.

NMC Health intends to use the funds – raised via an offering of new ordinary shares to institutional and other investors in the UK and elsewhere – primarily for expansion plans and future growth opportunities in the United Arab Emirates.

The partners heading up the A&O team are equity capital markets specialists Mark Dighero and Robert Williams in London and Nicholas Stuart in Abu Dhabi. CC corporate finance partner Iain Hunter is leading the team for the rival magic circle firm, alongside US securities partner John Connolly and Dubai partner Mike Taylor.

Hunter said the deal was a positive sign of market optimism, adding: "Sentiment in the equity markets is noticeably more upbeat than last year, reflected in a period of relative market stability. Absent any market shocks, we look forward to increasing activity and a positive 2012 for the equity capital markets."