Another stock hits the ground running on listing day at the ADX. Appetite for more among PureHealth shareholders is clearly there, as stock zooms to past 80 per cent in opening minutes. Image Credit: Abu Dhabi Securities Exchange LinkedIn

Dubai: PureHealth’s stock has rocketed off the starting line on its opening day at ADX, hitting Dh5.7 a share in the opening minutes.The IPO was priced at Dh3.26, and had received an immediate and overwhelming response by way of subscriptions.

At the time, market analysts were saying that shareholders would try and pick up once the stock listed December 20. That seems to be just what's happening.

The stock is now trading at 74 per cent up, raising volumes of 9.5 million shares traded and a combined value of around Dh55 million by the first 10 minutes.

PureHealth had assigned 5,000 shares as the minimum allotment for the IPO. The healthcare company, which confirmed a new CEO yesterday (December 19), operates more than 20 hospitals and is busy expanding its investment presence outside of the UAE as well.

The impetus behind PureHealth comes across at multiple levels. This is the second listing by a major UAE healthcare provider in the UAE. Burjeel Holdings, which has an extensive network of healthcare facilities in the UAE and is now expanding into Saudi Arabia, is also listed on ADX. (Abu Dhabi headquartered NMC Healthcare did list in 2012, but that was in the UK. It has since delisted.)

"PureHealth is systemically important to the UAE healthcare industry, and not just for its many hospitals and clinics," said a healthcare industry source. "It has a whole portfolio of healthcare affiliated entities, including Daman, the medical insurer."