Burjeel Holdings plans to list 11% stake in IPO on Abu Dhabi Stock Exchange

UAE-based healthcare provider Burjeel Holdings said on Monday it plans to list an 11 percent stake in an initial public offering (IPO) on the main market of the Abu Dhabi Stock Exchange (ADX).

The IPO of NRI entrepreneur Shamsheer Vayalil’s company will open for subscription on September 30 and will close on October 4. The company’s shares will begin trading on the ADX on October 10.

Burjeel Holdings will be the first private company to list in the UAE this year. The IPO announcement comes on the heels of Abu Dhabi International Holdings (IHC) buying a 15 percent stake in Burjeel Holdings, which is led by the country’s national security adviser and brother of the UAE president, Sheikh Tahnoon Bin Zayed Al Nahyan.

IHC is the largest company by market capitalization in the UAE. According to the issued prospectus, the company plans to issue approximately 550.7 million shares, of which 350.3 million existing shares will be sold by VPS Healthcare Holdings, which owns 79.8% of Burjeel Holdings.

Of the shares offered, 10% will be allocated in the first tranche and 90% in the second tranche. The company’s planned listing will provide investors with access to one of the Middle East and North Africa’s leading private healthcare providers with a vision to ensure quality healthcare and clinical excellence across the region, the company said in a release. .

In 2021, the Group’s network will treat 105,000 inpatients and 4.8 million outpatients. For the year ended December 31, 2021 and the six months ended June 30, 2022, the group recorded revenue of AED3,351.0 million and AED1,898.4 million, respectively, and net profit of AED234.1 million and AED1529 million. billion dirhams.

It has a diverse portfolio of 16 hospitals, including its flagship facility, Burjeel Medical City, and 23 medical centers across the UAE and Oman. In August 2022, as part of its disciplined approach to capital expenditure and regional expansion, Burjeel Holdings signed a non-binding memorandum of understanding with the Saudi Arabian Ministry of Investment, which will see the group collaborate with KSA Institutional and Healthcare Organize partnerships and invest up to $1 billion in the kingdom by 2030.

“As we mark another major milestone in our journey today, I am confident that our strong business model, relentless focus on clinical excellence, world-class talent and unwavering commitment to governance will all be part of the next chapter in our story. Chapter Vayalil plays a key role said.