Abu Dhabi-based PureHealth Holding has announced its intention to proceed with an initial public offering (IPO) and list its shares on the Abu Dhabi Securities Exchange (ADX).
PureHealth’s network of healthcare facilities across Abu Dhabi and the northern emirates comprises Abu Dhabi Health Services Company (Seha), Daman, the Medical Office, Rafed, PureLab, Abu Dhabi Stem Cells Centre, One Health, the Life Corner and Ardent. The largest healthcare platform in the Middle East expects to start trading on ADX next month subject to obtaining regulatory approvals and other relevant considerations.
“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,” Hamad Al Hammadi, chairman of the board of directors of PureHealth, said.
The shareholders in PureHealth are Alpha Dhabi Holding and International Holding Company Healthcare Holding, subsidiaries of the Abu Dhabi-based conglomerate IHC; and ADQ, an Abu Dhabi-based investment and holding company, by way of a wholly owned subsidiary.
Farhan Malik, managing director of PureHealth, said: “This IPO will enable PureHealth to continue to solidify its position as national champion, expand the depth and geographic reach of groundbreaking innovation for patients, healthcare technology, expansion globally through acquisitions and positioning Abu Dhabi at the forefront of healthcare globally.”
PureHealth has been on a journey of consolidation and growth over the past years. With a diverse UAE portfolio encompassing more than 25 hospitals, 100 clinics, multiple diagnostic centres, health insurance solutions, pharmacies, health tech, and procurement, PureHealth is actively expanding its presence globally including the recent acquisition of a 100 per cent stake in Circle Health Group, the UK’s largest independent operator of hospitals. In May 2023, PureHealth completed its acquisition of Ardent Health Services, which is USA’s fourth largest private healthcare group, becoming the only Middle East-based healthcare provider to directly acquire assets in US hospitals and clinics.
Malik noted the IPO will position Abu Dhabi as a frontrunner in the global healthcare landscape.
“This is a critical milestone for the UAE as PureHealth continues to revolutionize healthcare by deploying health tech platforms and expanding globally, ensuring efforts to deliver the best in healthcare from Abu Dhabi to the world.”
In line with its mission to advance the science of longevity, PureHealth recently launched Pura, an AI-powered super-app that seamlessly integrates healthcare information obtained from multiple sources, including real-time monitoring through wearable devices. The company also created PureNet, its digital health as a service platform, a solution for all healthcare providers through their digitisation journey and to expand their digital health services.