The shares of Abu Dhabi-headquartered PureHealth made a bumper debut on the Abu Dhabi Securities Exchange (ADX).
Shares opened at Dh5.5 against an initial public offering (IPO) set at Dh3.26 per share.
PureHealth, the largest healthcare platform in the Middle East, offered 1.11 billion shares representing 10 per cent of its share capital worth Dh3.62 billion. Its subscription process witnessed “staggering demand” from investors in the UAE and the region.
The professional subscribers’ tranche attracted a demand of Dh186 billion reflecting an oversubscription level of 54 times. Meanwhile, the retail offering witnessed tremendous appetite from investors, accumulating demand over Dh78 billion, marking an oversubscription level of 483 times.
During the subscription period, PureHealth attracted orders worth more than Dh265 billion dirhams.
A day before the market debut, the company named co-founder and group chief operating officer Shaista Asifas the new chief executive. Under the new structure, PureHealth co-founder Farhan Malik has been appointed as the managing director.
PureHealth has been on a journey of consolidation and growth over the past years. Its diverse portfolio includes over 25 hospitals, 100 clinics, multiple diagnostic centres, health insurance solutions, pharmacies, health tech, and procurement. PureHealth is also 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, PureHealth completed its acquisition of Ardent Health Services, which is the US’ fourth largest private healthcare group, becoming the only Middle East-based healthcare provider to directly acquire assets in US hospitals and clinics.