UAE’s Purehealth seeks to raise from Dhs3.62bn IPO on ADX

UAE healthcare firm PureHealth Holding said it plans to raise Dhs3.62bn from the sale of a 10 per cent stake in a public share sale on the Abu Dhabi Securities Exchange (ADX).

PureHealth said in a statement that it is offering about 1.11 billion shares, equivalent to 10 per cent of the company’s total issued share capital, at an offering price of Dhs3.26.

The healthcare firm said the subscription period opens on December 6 and ends on December 11 with an expected trading debut on ADX on December 20.

“Our upcoming IPO offers investors a unique opportunity to be part of an international healthcare platform,” said Farhan Malik, managing director of PureHealth.

“Backed by strong government policies, our solid domestic foothold, international presence, robust sector fundamentals, our focus on technology and innovation and international growth opportunities, all present PureHealth as a unique and attractive investment proposition for investors.”

Abu Dhabi wealth fund ADQ consolidated several companies including the Abu Dhabi Health Services Company, known as SEHA, and the National Health Insurance Company, known as Daman, within Pure Health in January 2022 – creating the largest healthcare platform in the UAE.

The healthcare group’s now operates more than 25 hospitals, over 100 clinics, multiple diagnostic centres, health insurance solutions and pharmacies.

PureHealth played a pivotal role in screening for Covid-19 infections in the UAE, and its IPO has been in the works for years, according to a Reuters report.

First Abu Dhabi Bank is the lead manager and lead receiving bank on the deal. WIO Bank and Al Maryah Community Bank are receiving banks. International Securities is the lead placement agent.

PureHealth’s exponential growth

Meanwhile, PureHealth’s integrated healthcare ecosystem is significantly contributing to the global healthcare landscape while delivering on the country’s mission to elevate the health and wellbeing of citizens and residents.

The healthcare platform acquired Circle Health Group, the UK’s largest independent operator of hospitals, in a deal valued at Dhs4.41bn in August.

The acquisition, which marked PureHealth’s foray into the UK market, also gave the Abu Dhabi-based healthcare services provider access to new state-of-the-art hospitals, including the UK’s first purpose-built state-of-the-art rehabilitation hospital.

The group seeks to invest in scientific innovation and healthcare infrastructure within all its assets, giving patients access to the best possible medical care with the highest international quality standards.

It also completed its more than Dhs1.8bn equity investment in US healthcare provider Ardent Health Services in May, a deal that gave the firm board observer rights, although not a seat on the board of directors.

Leveraging its global relationships and international reputation, PureHealth seeks to build on this legacy with the acquisition of Circle Health Group.

The healthcare platform partnered with Dell Technologies earlier in November to use generative artificial intelligence (GenAI) across its portfolio including early disease detection, medical data analysis and personalised treatment plans.

PureHealth is actively reshaping the future of healthcare through a strategic fusion of technology and data while pioneering innovative GenAI-driven solutions.

Read: Saudi Arabia’s MBC Group sets price range for IPO, seeks to raise $222m