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Saturday, March 2, 2024

Abu Dhabi’s PureHealth IPO Sees Full Subscription on Day One- 1

The initial public offering (IPO) of Abu Dhabi-based PureHealth Holding witnessed robust interest on the first day of the subscription period. As the largest healthcare platform in the Middle East, PureHealth encompasses a diverse portfolio, including over 25 hospitals, 100 clinics, diagnostic centers, health insurance solutions, pharmacies, health tech, and procurement.

Founder’s Excitement

Farhan Malik, the founder and managing director of PureHealth, expressed excitement about the “overwhelmingly strong demand” for the IPO, which was fully subscribed on the opening day.

Offer Details: IPO

The final offer price is set at Dh3.26, with the company offering 1.11 billion shares, representing 10 per cent of its share capital valued at Dh3.62 billion.

Attractive Value Proposition

Malik emphasized the IPO as an attractive value proposition for investors, providing an opportunity to be part of PureHealth’s growth journey.

Global Expansion and Acquisitions

PureHealth is actively expanding globally, with recent acquisitions, including a 100 per cent stake in Circle Health Group, the UK’s largest independent hospital operator. The company also completed the acquisition of Ardent Health Services in May, making it the only Middle East-based healthcare provider to directly acquire assets in US hospitals and clinics.

Listing Plans

The subscription period, open since Wednesday morning, will conclude on December 11 for both retail and professional tranches. PureHealth plans to list its shares on the Abu Dhabi Securities Exchange (ADX) on December 20.

Anticipated Milestone

Malik anticipates the listing date with ADX as a significant milestone for PureHealth following the positive response during the initial subscription period.

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