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Burjeel Holdings IPO oversubscribed by 29 times

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The initial public offering (IPO) of Burjeel Holdings, a leading private healthcare provider in the Middle East and North Africa, received strong investor demand and was 29 times oversubscribed.

The company said the total demand for the offering exceeded AED32 billion ($8.71 billion).

Following the completion of the bookkeeping and public subscription process for the IPO, the issue price has been determined at AED 2 per ordinary share (final issue price) and the issue size has been determined at 550,729,221 ordinary shares (issued shares), equivalent to the issued share capital of Burjeel 11% of the total.

The group believes that the offer price per share offers investors a very attractive value proposition, reflects the selling shareholders’ long-term confidence in Burjeel Holding’s growth trajectory, and reflects its decision to prioritise supportive after-sale performance after listing. Decide.

The IPO will bring in total proceeds of AED 1.1 billion ($299.5 million) for the company and selling shareholders after settlement. Based on the final offer, Burjeel is expected to have a market capitalization of about AED10.4 billion upon listing, making it one of the largest private healthcare companies by market capitalization on ADX.

Dr. Shamsheer Vayalil Parambath, founder and chairman of Burjeel Holdings, said on the successful completion of the review book: “I am delighted to welcome our new shareholder to Burjeel Holdings. The strong demand for the 29 times oversubscribed IPO reflects the quality investment offered by Burjeel Holdings Opportunity, built on our clear clinical vision and our strong growth trajectory in the MENA region.

“The offer reflects our desire to prioritise supportive aftermarket performance following listing and we are delighted that Burjeel Holdings will be one of the largest privately held healthcare companies on the ADX. The success of this offering is also due to Abu Dhabi’s supportive ecosystem , and will help further diversify the local capital market.”

Investors who subscribed through the first tranche (UAE Retail Offering) will receive SMS confirmation on their respective allocations on 8 October 2022 and refunds will begin on the same day.

The listing and commencement of trading of Burjeel Holdings shares on the ADX is expected to take place on October 10, subject to customary closing conditions, under the symbols “BUJEEL” and ISIN “AEE01119B224”.

Following the ADX listing, VPS Healthcare Holdings will continue to own a majority 70% stake in the company.

In September 2022, Abu Dhabi-based diversified conglomerate International Holdings (IHC) announced the acquisition of a 15% stake in Burjeel Holdings to expand and diversify its local and regional healthcare investments.

Dubai Islamic Bank is the lead manager and First Abu Dhabi Bank is the lead receiving bank. International Securities acted as financial advisor and BHM Capital Financial Services acted as listing advisor.

JP Morgan acted as capital markets advisor to the company and as the selling shareholder in connection with the offering. – arab trade news agency

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