PureHealth Holding, owned by Abu Dhabi sovereign wealth fund ADQ and one of the UAE capital's biggest conglomerates, has announced the successful completion of the subscription process for its initial public Offering (IPO) on the First Market of the Abu Dhabi Securities Exchange (ADX). 

 

The company confirmed the fixed price for the offering which was set at AED3.26 per share with an Offering size of 1.11 billion ordinary shares, equivalent to 10% of its total issued share capital. 

 

According to PureHealth, the IPO witnessed significant demand from investors within the UAE and the region, resulting in multiple oversubscriptions. The total gross demand for the IPO surpassed over AED265 billion ($72 billion).

 

The professional subscribers tranche attracted demand of AED186 billion reflecting an oversubscription level of 54 times. Meanwhile, the retail offering witnessed tremendous appetite from investors, accumulating demand in excess of AED78 billion, marking an oversubscription level of 483 times.

 

On the staggering demand, Farhan Malik, Founder and Managing Director of PureHealth, said: "This is a resounding endorsement of the market's confidence in our achievements, the management’s execution capability, and our vision for growth."

 

"The IPO unlocks PureHealth’s credentials in transforming healthcare systems, underscoring our commitment to shaping the future of healthcare through continuous innovation and an unwavering pursuit of excellence, where we take Pure Health from Abu Dhabi to the World," he stated.

 

The offering will generate gross proceeds of AED3.62 billion for the company. On listing, the company’s market capitalization is expected to reach AED36.2 billion.

 

The constitutive general assembly meeting for conversion to PJSC is on December 15. 

 

Abu Dhabi healthcare platform said the listing and trading of the shares on ADX is likely to take place on December 20, subject to market conditions and regulatory approvals in the UAE. 

 

For the transaction, First Abu Dhabi Bank acted as the Lead Manager and Lead Receiving Bank, while International Securities was appointed as the Lead Placement Agent.-TradeArabia News Service