Amanat hires FAB, EFG for healthcare IPO in Abu Dhabi
Amanat Healthcare’s offering could raise about $200m and may happen as soon as this year
Dubai: Amanat Holdings, a Dubai-based health care and education investment firm, has picked EFG Hermes and First Abu Dhabi Bank to manage the planned initial public offering of its health care unit in Abu Dhabi, according to people familiar with the matter.
Amanat Healthcare’s offering could raise about $200 million and may happen as soon as this year, the people said, asking not to be identified as the information isn’t public.
Details of the offering are preliminary and may change, the people said. Representatives for EFG Hermes, FAB and Amanat declined to comment.
Amanat, which is listed on the Dubai Financial Market, said in March that it would consolidate the assets of its health care vertical into Amanat Healthcare and prepare the unit for an IPO, without giving further details.
The Gulf’s IPO boom, which started in late 2021, has slowed this year as the region’s markets came off earlier highs on the back of lower oil prices. About $4.3 billion has been raised through listings in the Middle East this year, a 69 per cent drop from a year ago, data compiled by Bloomberg show.
Much of the activity has been concentrated in the UAE’s capital, Abu Dhabi. With the $2.5 billion IPO of ADNOC Gas earlier this year, about $3.7 billion has been raised via listings in the city, the data show.
Amanat’s health care investments include Cambridge Medical and Rehabilitation Centre and Sukoon, which provides post-acute extended care and critical care, according to its website.