The IPO frenzy comes amid the group’s 2021 earnings release, with revenue reaching AED 3.35 billion (US$912 million) and compound annual growth of 18% over the past three years increase.
Healthcare provider Burjeel Holdings could be Abu Dhabi’s next initial public offering (IPO) – where it seeks to raise at least $750 million.
The IPO buzz comes amid the group’s announcement of its 2021 results, with its revenue rising to AED3.35 billion ($912 million), or an 18 percent compound annual growth rate over the last three years, it said in a release.
The company, which operates 39 hospitals across the UAE and Oman, attributes the growth to the “strength of its diversified portfolio of high-quality healthcare assets, highly specialized services, and its strong, connected growth platform.”
“Healthcare is a key focus for governments across the Middle East and we look forward to supporting our partners in the UAE and the wider GCC, in helping build and enhance their healthcare services and infrastructure,” the group’s chief executive officer Shamsheer Vayalil said.
Media reports showed Burjeel’s ongoing talks about a potential IPO in Abu Dhabi. The company is said to have appointed JP Morgan, Emirates NBD, EFG-Hermes, and Dubai Islamic Bank as coordinators for the listing, according to CNBC.
In a presentation for potential investors, Burjeel said it is considering a dividend payout ratio of 40 percent to 70 percent of net income from 2023 depending on its investment requirements at the time, Bloomberg has reported.
“With the launch of Burjeel Holdings earlier this year and our strong growth over the past three years, we believe we have created a platform for the strategic corporate actions needed to drive future growth,” Vayalil added.
