ABU DHABI (ALETIHAD)
PureHealth has successfully concluded the initial public offering (IPO) of its subsidiary, Ardent Health Partners (Ardent Health) on the New York Stock Exchange (NYSE).
Ardent Health offered 14,300,000 shares of its common stock at $16 per share, with trading commencing on July 18, 2024, under the ticker ARDT.
The successful listing of Ardent Health on the NYSE positions Abu Dhabi as a key investor in the US market and strengthens the emirate’s position as a hub for innovative healthcare solutions.
This aligns with the Abu Dhabi Economic Vision 2030 and support’s the emirate’s standing in the global healthcare market, improves community health outcomes, and affirms its position as a leader in healthcare excellence.
Additionally, this development bolsters PureHealth’s strategy of creating shareholder value through organic and strategic growth, and opens avenues for future mergers and acquisitions, enhancing PureHealth’s presence in both international and local markets.
Group Chief Executive Officer at PureHealth, Shaista Asif, 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. This not only aligns with our growth objectives, but also 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, supported by our international acquisitions and ambitious future plans, and backed by the visionary leadership of Abu Dhabi and the UAE. We remain focused on creating shareholder value through organic and inorganic growth, continuing to build PureHealth as a trusted brand, here in the UAE and globally,” she added.
In September 2022, PureHealth acquired a 26.05 percent equity stake in Ardent for Dh1.8 billion, with regulatory approvals and the transaction completed in March 2023.
Ardent Health is the fourth-largest privately held acute care hospital operator in the US. By prioritising people and investing in innovative services and technologies, Ardent Health is dedicated to improving healthcare accessibility and quality.
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.
Recent acquisitions by PureHealth, including the purchase of Circle Health for Dh4.4 billion, and Sheikh Shakhbout Medical City for Dh2.2 billion, have further positioned PureHealth as an international healthcare investment platform.
These strategic investments reinforce PureHealth's capability to identify and cultivate value in the healthcare sector, boosting investor confidence.