Shares in Abu Dhabi’s healthcare platform, PureHealth Holding, surged by up to 69% above their listing price on Wednesday during their market debut. The company had successfully raised nearly $1B in an initial public offering (IPO), representing 10% of its business.
PureHealth, a key player in COVID-19 screening in the United Arab Emirates, has been planning its IPO for several years, according to Gulf Business.
As the largest healthcare provider in the UAE, it aims to expand globally. The shares opened at AED 5.5 ($1.50) in the Abu Dhabi market, surpassing the IPO offer price of AED 3.26 per share.
Owned by Abu Dhabi’s sovereign wealth fund ADQ and IHC, one of the capital’s major conglomerates, PureHealth is under the chairmanship of Sheikh Tahnoun bin Zayed Al Nahyan, the national security adviser and a brother of UAE President Sheikh Mohammed bin Zayed.
IHC subsidiaries, under a broader economic diversification strategy, have previously listed on the ADX exchange to enhance the market, move away from hydrocarbons in the city-state’s economy, and stimulate investment.
