Abu Dhabi-based healthcare platform PureHealth has secured $72B (AED 265B) in investor orders for its $986M (AED 3.62B) initial public offering (IPO) on the local stock exchange.
Professional investors within the UAE and the region generated AED 186B in orders for the IPO, oversubscribing the tranche 54 times for the shares allocated to this segment.
Retail buyers showed significant interest, subscribing for 483 times the shares available. Founder and Managing Director Farhan Malik noted the overwhelming demand, highlighting PureHealth’s commitment to transforming healthcare systems and its global ambitions.
The robust investor demand reflects a healthy appetite for listings in the Middle East, contrasting with the challenges faced by IPOs in other regions.
PureHealth’s AED 3.62B IPO Debut: A New Era in UAE’s Healthcare Landscape
PureHealth priced its IPO at AED 3.26 per share, aiming to raise AED 3.62B. This pricing implies a market valuation of around AED 36.2B at the time of listing. The offering consists of about 1.11 billion shares, equivalent to 10 percent of the company’s total issued share capital. The company is set to debut trading on the Abu Dhabi Securities Exchange on December 20, pending market conditions and regulatory approvals in the UAE.
First Abu Dhabi Bank is the lead manager and lead receiving bank for the deal, with WIO Bank and Al Maryah Community Bank as receiving banks. International Securities serves as the lead placement agent.
PureHealth, following consolidation by Abu Dhabi wealth fund ADQ, now operates as the largest healthcare platform in the UAE, integrating companies such as SEHA and Daman. The group manages over 25 hospitals, 100 clinics, diagnostic centres, health insurance solutions, and pharmacies.
PureHealth’s integrated healthcare ecosystem contributes significantly to the global healthcare landscape, with recent acquisitions including the UK’s Circle Health Group and a substantial equity investment in US healthcare provider Ardent Health Services.
Actively reshaping the future of healthcare through technology and data, PureHealth has played a crucial role in COVID-19 screening in the UAE. The IPO, in the works for years, reflects the company’s strategic vision and commitment to innovation in the healthcare sector.
