PureHealth Holding Group, the largest healthcare platform in the Middle East, has confirmed that its initial public offering has seen strong interest on the first day with subscriptions opening on the Abu Dhabi Securities Exchange’s initial market.
Farhan Malik, Founder and Managing Director, PureHealth Group, said: “We are delighted by the widespread confidence and keen interest of investors in our initial public offering, which saw strong demand in the first hours of the IPO.
He continued: “The IPO presents a promising investment opportunity for investors to be part of PureHealth’s successful journey, especially with the recent international acquisitions and the group’s ambitious future plans enjoying the support of our astute leadership. Abu Dhabi and United Arab Emirates. We look forward to listing on the market.”
The company issued about 1.11 billion new shares for public subscription, which is 10% of the total capital of the company after listing.
The offering is targeted at two tranches, one of which is for individual investors (first tranche), in which approximately 4.5% of the shares are allotted.
This represents 50 million shares equivalent to 1.06 billion shares, compared to 95.5% of experienced investors (second tranche).
The company has set an offering price of AED 3.26 per share as it expects to raise around AED 3.62 billion in additional capital upon completion of the public offering subscription.
The subscription period for the first and second installments (individuals and sophisticated investors) ends on December 11, 2023.
The shares for the second tranche will be allotted on 13th December and the first tranche on 14th December 2023. The general meeting of the company to convert into a public joint stock company will also be held on 15th December 2023.
The company plans to list its shares on the Abu Dhabi Stock Exchange on December 20.
First Abu Dhabi Bank was appointed as lead manager and lead receiving bank. UBank and the local Al Maria Bank were designated as the banks receiving the offering.
The company allotted 50 million shares, giving 4.5% shareholding, to the first tranche of ordinary subscribers. Ordinary subscribers include natural persons, companies, and organizations that do not qualify as professional investors and hold a bank account within the meaning of the United States Securities Act of 1933, excluding any person resident in the United States. United States Securities Act.
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