Dubai: The Abu Dhabi healthcare holding company PureHealth has confirmed it is heading for a much anticipated IPO – and with the listing likely to happen in December itself. The size and other details of the planned IPO has not been revealed, but its listing on ADX will immediately make it one of the most high-visibility entities there.
Talk about a PureHealth IPO had been swirling for some time now, and there were analysts who were forecasting it to hit the market early 2024.
But early today (November 21), PureHealth Holding confirmed it will indeed be listing earlier than that, and ‘subject to obtaining regulatory approvals and other relevant considerations is expected that trading on ADX will commence in December 2023’.
PureHealth's current shareholders include two of the biggest names in Abu Dhabi's investment space - ADQ and IHC Healthcare Holding.
Among 'world's leading healthcare groups'
“We are confident that the power of innovation and progress, which has brought PureHealth to the cusp of this major milestone, will continue to drive the company forward and effect positive change within the sector," said Hamad Al Hammadi, Chairman of PureHealth.
"Testament to the continued dynamism and vibrancy of Abu Dhabi’s capital markets, the planned listing would allow PureHealth to claim a position among the world’s leading healthcare groups, benefitting people in an increasing number of countries while reliably leading the way in executing development objectives of our nation.”
25 hospitals and more
Purehealth’s portfolio features more than 25 hospitals, 100 clinics, diagnostic centers and even healthcare related services such as medical insurance, pharmacies and health-tech. All through last year, it had consolidated various entities within its group to create better synergies.
“PureHealth is well on its way to be the biggest healthcare entity in the UAE and possibly with regional and global ambitions,” said a senior official at a leading private hospital operator.
In May this year, PureHealth completed the acquisition of Ardent Health Services, the fourth largest private healthcare group in the US – and thus ‘becoming the only Middle East based healthcare provider to directly acquire assets in US hospitals and clinics’.
Also recently, it bought 100 per cent in Circle Health Group, the UK based hospital operator.
Burjeel - with multiple hospitals in the UAE and a growing presence in Saudi Arabia - has an ADX presence, while the investment company Amanat - listed on the DFM - has talked about launching a dedicated healthcare company and offering an IPO for it.
Within the wider healthcare sector in the UAE, there has been significant changes and more are awaited. Aster DM Healthcare, with a sizeable presence in the UAE, is up for a potential stake sale. NMC Healthcare has gone through extensive changes - in terms of management and ownership structure - and now is rebuilding towards a possible sale at a later date.