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Saturday, December 9, 2023

Amanat hires FAB, EFG for healthcare IPO in Abu Dhabi


DUBAI: Dubai-based healthcare and education investment firm Amanat Holdings has selected EFG Hermes and First Abu Dhabi Bank to manage a planned initial public offering of its healthcare unit in Abu Dhabi, people familiar with the matter said.

Amanat Healthcare’s offering, which could raise about $200 million, could be completed as soon as this year, said the people, who asked not to be identified because the information is private.

Details of the offering are preliminary and subject to change, the people said. Representatives for EFG Hermes, FAB and Amanat declined to comment.

Amanat, which is listed on the Dubai Financial Market, said in March that it would integrate assets from its healthcare vertical into Amanat Healthcare and prepare for an IPO of the unit, without providing further details.

The IPO boom in the Gulf region, which began in late 2021, has slowed this year as markets in the region come off earlier highs, driven by lower oil prices. Some $4.3 billion has been raised in Middle East listings this year, down 69% from a year ago, according to data compiled by Bloomberg.

Most of the activity is centered in Abu Dhabi, the capital of the United Arab Emirates. ADNOC Gas raised about $3.7 billion through its $2.5 billion initial public offering earlier this year, the data show.

Amanat’s healthcare investments include Cambridge Medical and Rehabilitation Center and Sukoon, which provides post-acute extended care and critical care, according to its website.


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