Abu Dhabi: Alpha Dhabi Health Holding’s PureHealth has successfully concluded the initial public offering (IPO) of its subsidiary, Ardent Health Partners, on the New York Stock Exchange (NYSE), the company announced Monday.
PureHealth explained in its statement that Ardent Health offered 14,300,000 shares of its common stock at $16 per share, with trading commencing on July 18 under the ticker ARDT.
Ardent Health's listing on the NYSE positions Abu Dhabi as a key investor in the US market, it stated. This development also bolsters Abu Dhabi's strategy of creating shareholder value through organic and strategic growth and opens avenues for future mergers and acquisitions.
Shaista Asif, Group CEO at PureHealth, said, “Although we have only been an investor in Ardent since April 2023, the successful launch of its IPO is a testament to our strategic vision and commitment to enhancing healthcare services globally.”
She said, “This aligns with our growth objectives and demonstrates our capability to deliver substantial value to our stakeholders and investors, both locally and globally. We are on a strong growth trajectory forging new paths in healthcare, focusing on innovation and excellence, and supported by our international acquisitions and ambitious plans.”
In September 2022, PureHealth acquired a 26.05 per cent equity stake in Ardent for Dh1.8 billion ($500 million), with regulatory approvals and the transaction completed in March 2023.
Ardent Health is the US's fourth-largest privately held acute care hospital operator. The organisation operates through a network of 30 acute care hospitals and over 200 care sites across six states: Texas, New Mexico, Kansas, Oklahoma, Idaho, and New Jersey.
PureHealth's recent acquisitions include the purchase of Circle Health for Dh 4.4 billion ($1.2 billion) and Sheikh Shakhbout Medical City for Dh2.2 billion ($600 million).
