Dubai: Abu Dhabi's PureHealth IPO - offering up 10 per cent of its capital - pulled in a whopping Dh265 billion and helping the UAE stock market close out 2023 with quite a bang. Trading on ADX will start December 20 with a market cap of around Dh36.2 billion.
This incidentally is the UAE's second biggest IPO of the year after ADNOC Gas. The stock price was set at Dh3.26 and was to raise Dh3.62 billion.
"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 PureHealth from Abu Dhabi to the World," said Farhan Malik, founder and Managing Director.
The professional investor tranche attracted Dh186 billion and translating into an oversubscription of 54 times, while retail buyers more than pulled their weight - Dh78 billion and an oversubscription level of 483 times.
Second UAE IPO to score big
This would make the second UAE IPO to score big on the retail tranche, with Dubai Taxi Company just coming off a record drive.
The company expects to start trading on the ADX under the symbol ‘PureHealth’ on December 20.
In January last year, ADQ signed a deal to merge its healthcare subsidiaries with Pure Health to create the largest healthcare provider in the Emirates.
Pure Health now has more than 25 hospitals, 100 clinics, diagnostic centres, health insurance solutions, pharmacies, health technology platforms and procurement solutions.
At listing, the founders will retain a 90 per cent stake in the company, Pure Health said. First Abu Dhabi Bank acted as lead manager and lead receiving bank.
