PureHealth Holding has completed its subscription process for its initial public offering (IPO) on the Abu Dhabi Securities Exchange’s First Market.
The fixed price for the offering was set at Dh3.26 per ordinary share, with an offering size of 1.11 billion ordinary shares, equivalent to 10% of its total issued share capital.
The IPO attracted substantial demand from investors in the UAE and the region, resulting in multiple oversubscriptions, with total gross demand exceeding Dh265 billion, the firm said in a statement on Monday.
Professional Subscribers displayed significant interest, with demand reaching Dh186 billion, oversubscribed by 54 times. The retail offering also garnered immense interest, accumulating over Dh78 billion in demand and oversubscribed 483 times.
“There has been an overwhelming demand for our IPO,” said Farhan Malik, Founder and Managing Director of PureHealth.” “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 is expected to generate gross proceeds of Dh3.62 billion, with the company’s market capitalisation projected to reach Dh36.2 billion upon listing.
The listing and trading commencement of PureHealth’s shares on ADX are expected on December 20, 2023, subject to market conditions and regulatory approvals in the UAE.
Founders will retain a 90% stake in the company upon full subscription of the offering shares.
