PureHealth, the UAE’s largest healthcare provider, is set to launch a mega IPO, offering 10 per cent of the company to the public at a share price of Dh3.26. With a total of 1.11 billion shares up for grabs, this IPO is among the top 3 floats on the ADX this year.
The subscription opens on December 6 and closes on December 11, with the listing on ADX scheduled for December 20. Retail subscribers will have access to approximately 50 million shares, making up around 4.5 per cent of the offering.
PureHealth boasts a considerable health asset portfolio, including over 20 hospitals in the UAE and various interests in the US and the UK. The company also holds Daman, a major insurer, and other health-related entities.
Major shareholder ADQ, an Abu Dhabi investment company, is looking to transform the existing healthcare system with the upcoming IPO, providing investors with the opportunity to be part of an international healthcare platform.
Farhan Malik, Managing Director of PureHealth, stated, “Our vision is dedicated to transforming the existing healthcare system in the UAE, shifting from a reactive, episodic model to a continuous, proactive ecosystem driven by advanced digital infrastructure.”
The IPO announcement is expected to further boost the UAE stock markets. In Dubai, the DFM is preparing for the listing of Dubai Taxi following a record subscription run.
Investors are already showing interest in the IPO, especially professional investors, with the allotment for this segment reaching 95.5 per cent of the shares on offer.
The lead receiving bank for the IPO is First Abu Dhabi Bank, and Wio Bank and Al Maryah Community Bank have also been appointed as receiving banks. Furthermore, First Abu Dhabi Bank will act as the lead manager for the float.
“With an enviable portfolio and track record in the medical sector – along with rapid inorganic investments already made – the stage is set for investors to respond in a manner that adds to their lucrative portfolios,” said Sameer Lakhani, Managing Director at Global Capital Partners. “And capitalize on the opportunity the Abu Dhabi government has given with an excellently managed business and one with significant upside potential.”
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