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Tuesday, March 5, 2024

PureHealth Stock Surges by 76% in Abu Dhabi Stock Market Debut

PureHealth Stock Abu Dhabi-based PureHealth witnessed a remarkable stock market debut on the Abu Dhabi Securities Exchange (ADX) this Wednesday.

Impressive Surge: Shares Soar by 76.07%

Shares kicked off at Dh5.5, surpassing the initial public offering (IPO) value of Dh3.26 per share. The closing figure of Dh5.74 marked a substantial surge of 76.07%. A total of 39,148,206 shares, with a value of Dh218,768,371, changed hands during the day.

Major Offering: 1.11 Billion Shares: PureHealth Stock 

As the largest healthcare platform in the Middle East, PureHealth offered 1.11 billion shares, representing 10% of its share capital valued at Dh3.62 billion. The subscription process garnered significant demand from investors in the UAE and the region.

Overwhelming Demand: Professional and Retail Subscribers

The professional subscribers’ tranche experienced an oversubscription level of 54 times, with a demand of Dh186 billion. The retail offering, displaying tremendous appetite, saw an oversubscription level of 483 times, accumulating demand over Dh78 billion.

Total Orders Exceeding Dh265 Billion: PureHealth Stock 

PureHealth attracted orders exceeding Dh265 billion during the subscription period.

Leadership Transition: New CEO and Managing Director

A day before the market debut, the company announced co-founder and group chief operating officer Shaista Asif as the new chief executive, while co-founder Farhan Malik assumed the role of managing director.

ADX CEO’s Welcome and Vision

Abdulla Salem Alnuaimi, CEO of ADX, welcomed PureHealth to the ADX family, expressing anticipation for the company’s contribution to the healthcare services sector. Alnuaimi emphasized ADX’s commitment to enhancing market infrastructure and trading offerings to facilitate capital raising and investment ambitions.

ADX as a Hub for Healthcare Investments

PureHealth’s listing aligns with ADX’s role as a hub for healthcare investments, providing portfolio diversification opportunities for investors. The company’s global presence in the United States and the United Kingdom reflects ADX’s growing internationalization and active role in fostering Abu Dhabi’s economic growth.

Founder’s Perspective: A Significant Milestone

Farhan Malik, founder and managing director of PureHealth, hailed the listing as a significant milestone, surpassing IPO records on the exchange. He outlined PureHealth’s commitment to transforming healthcare globally, backed by advanced AI technology and collaboration between the public and private sectors.

ADX’s Robust Year: PureHealth Stock 

The PureHealth IPO concludes a robust year for ADX, featuring notable listings such as ADNOC Gas, ADIB’s Dollar-denominated sukuk, and the IPO of Presight AI.

Diverse Portfolio and Global Expansion: PureHealth Stock 

PureHealth’s diverse portfolio includes over 25 hospitals, 100 clinics, diagnostic centers, health insurance solutions, pharmacies, health tech, and procurement. The company has actively expanded globally, acquiring a 100% stake in the UK’s Circle Health Group and completing the acquisition of Ardent Health Services in the US.

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