Today's Edition
PureHealth Holding PJSC (Public Joint Stock Company under incorporation; the “Company”), on Tuesday announced the successful completion of the subscription process for its initial public Offering (“IPO” or the “Offering”) on the First Market of the Abu Dhabi Securities Exchange (“ADX”).
The Company confirmed the fixed price for the Offering which has been set at Dh3.26 per ordinary share (the “Final Offer Price”) with an Offering size of 1.11 billion ordinary shares (“Offer Shares”), equivalent to 10 percent of its total issued share capital.
The Offering witnessed significant demand from investors within the UAE and the region, resulting in multiple oversubscriptions. The total gross demand for the Offering surpassed over Dh265 billion.
The Professional Subscribers tranche attracted demand of Dh186 billion reflecting an oversubscription level of 54 times. Meanwhile, the Retail offering witnessed tremendous appetite from investors, accumulating demand in excess of Dh78 billion, marking an oversubscription level of 483 times.
Commenting on the announcement, Farhan Malik, Founder and Managing Director of PureHealth, said, “There has been overwhelming demand for our IPO. This is a resounding endorsement of the market's confidence in our achievements, the management’s execution capability, and our vision for growth.
"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 Pure Health from Abu Dhabi to the World.’’
The Offering will generate gross proceeds of Dh3.62 billion for the Company. On listing, the Company’s market capitalization is expected to reach Dh36.2 billion.
The Constitutive General Assembly Meeting for conversion to PJSC is on 15 December 2023.
Listing and trading commencement of PureHealth’s shares on ADX are expected to take place on 20 December 2023, subject to market conditions and regulatory approvals in the UAE.
The shares will trade under the symbol “PureHealth” and ISIN “AEE01362P238.”
At listing, provided that the offering shares are fully subscribed, the Founders will retain a 90 percent stake in the Company. First Abu Dhabi Bank PJSC acted as Lead Manager and Lead Receiving Bank. International Securities LLC was appointed as the Lead Placement Agent.
