UAE: Purehealth IPO Subscription Ends With Dh265 Billion In Gross Orders
Date
12/12/2023 2:56:44 PM
(MENAFN- Khaleej Times) Abu Dhabi-headquartered PureHealth has completed the subscription process for its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX), witnessing staggering demand from investors in the UAE and the region.
The company's final offer price was set at Dh3.26 per share - with 1.11 billion shares offered, representing 10 per cent of the healthcare platform's share capital worth Dh3.62 billion.
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The largest healthcare platform in the Middle East's IPO registered significant demand from investors resulting in multiple oversubscriptions.
The subscription period, which commenced on December 6 and closed on Monday, saw total gross demand cross the Dh265-billion mark.
The professional subscribers' tranche attracted a demand of Dh186 billion, reflecting an oversubscription level of 54 times. Meanwhile, the retail offering witnessed tremendous appetite from investors, accumulating demand of over Dh78 billion, marking an oversubscription level of 483 times.
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.”
Trading on the ADX is set to start on December 20 with a market capitalisation at the time of listing estimated to reach Dh36.2 billion.
PureHealth has a diverse portfolio comprising more than 25 hospitals, 100 clinics, multiple diagnostic centres, health insurance solutions, pharmacies, health tech, and procurement.
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