(MENAFN- Khaleej Times)
Burjeel Holdings has announced that it will be offering approximately 550,729,221 shares, representing 11 per cent of issued share capital, in an Initial Public Offering (IPO). It will also list its shares on the Abu Dhabi Securities Exchange.
The opening of the subscription period for the offering commences today, September 30, 2022, and will continue until Tuesday, October 4, 2022 for the First Tranche (offering to individual subscribers and other investors in the UAE, (the“UAE Retail Offering”) and the Second Tranche (“Professional Investors”).
The offering price rage
The price range for the Offering has been set between Dh2 to Dh2.45 per share, implying an equity value of $2.7 billion to $3.3 billion. The final offer price is expected to be announced on Wednesday, October 5, 2022. Listing of the shares to trading on ADX is expected on Monday, October 10, 2022.
They expect to sell 350,331,555 shares representing 7 per cent of the Company's issued share capital, with the Selling Shareholder reserving the right to amend the size of the Offering and the size of any Tranche at any time before the end of the subscription period, subject to applicable laws and the approval of the Securities and Commodities Authority (SCA).
The Offering also includes 200,397,665 new shares to be issued by the Company, representing 4 per cent of the Company's issued share capital.
Assuming all the shares offered are sold, the size of the Offering will be approximately $300 million to $368 million.
The company earlier announced that the offering will be open to the following subscribers:
- Individuals and Other Investors in the UAE as defined in the prospectus (“UAE Prospectus”) and referred to as (“First Tranche Subscribers”) and;
- “Professional Investors” as defined in the SCA Board of Directors' Chairman Decision No.13/R.M of 2021 (as amended from time to time)), referred to as (“Second Tranche Subscribers”).
The final offer price will be determined through a book building process and is expected to be announced on October 5, 2022. The completion of the Offering and Listing is currently expected to take place on October 10, 2022 subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval to Listing and Trading on ADX.
Allotment notification to First Tranche Subscribers will be sent on October 8, 2022 and refund of surplus investments and dispatch of allotment letters will commence from October 10, 2022.
In September 2022, International Holding Company (IHC), a diversified Abu Dhabi-based conglomerate, announced its acquisition of a 15 per cent stake in Burjeel Holdings PLC in order to scale and diversify its local and regional healthcare investments.
J.P. Morgan Securities plc is acting as capital markets advisor to the Company and Selling Shareholder in connection with the Offering.
Details of the Offering are available in the UAE Prospectus. The UAE Prospectus is available at
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