PureHealth shares rise 76% in debut on Abu Dhabi stock exchange – News
![PureHealth and ADX officials will ring the bell on the healthcare platform's listing on Wednesday. — Photo supplied](https://onlinelivenews24.com/wp-content/uploads/2023/12/PureHealth-shares-rise-76-in-debut-on-Abu-Dhabi-stock-780x470.jpeg)
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PureHealth and ADX officials will ring the bell on the healthcare platform’s listing on Wednesday. — Photo supplied
Shares of Abu Dhabi-based PureHealth made a bumper debut on the Abu Dhabi Stock Exchange (ADX) on Wednesday.
The shares opened at Dh5.5 against an initial public offering (IPO) priced at Dh3.26 per share. They closed the day at Dh5.74, an increase of 76.07 percent. A total of 39,148,206 shares changed hands during the day, worth Dh218,768,371.
PureHealth, the largest healthcare platform in the Middle East, offered 1.11 billion shares representing 10 percent of its share capital worth Dh3.62 billion. Its subscription process witnessed “amazing demand” from investors in the UAE and the region.
The professional subscriber tranche attracted demand of Dh186 billion, reflecting a 54-fold oversubscription level. Meanwhile, the retail offering witnessed huge investor appetite, accumulating demand of over Dh78 billion, representing a level of oversubscription of 483 times.
During the subscription period, PureHealth received orders worth more than Dh265 billion.
A day before the market debut, the company appointed co-founder and group COO Shaista Asifas as the new CEO. Under the new structure, PureHealth co-founder Farhan Malik has been named CEO.
Abdulla Salem Alnuaimi, CEO of ADX, said: “We warmly welcome PureHealth to the ADX family and look forward to their invaluable contribution to the healthcare services sector in the UAE and beyond. This year, we have witnessed strong interest of investors and participation in the various dynamic listings and initiatives on the ADX platform. We aim to continually strengthen our market infrastructure and trading offerings and investment services to enable more local and global companies to achieve their investment and capital raising ambitions At ADX, we are committed to delivering on Abu Dhabi’s economic strategy and expanding the sustainable growth and development of capital markets in the UAE and the broader Middle East region.”
PureHealth joins a growing group of local and global healthcare service providers on ADX, demonstrating the Exchange’s role as a hub for healthcare investments and providing opportunities for exchange investors to further diversify their portfolios . The company’s global presence in the United States and the United Kingdom reflects ADX’s growing internationalization and highlights ADX’s active role in increasing Abu Dhabi’s economic growth and diversification.
Farhan Malik, Founder and CEO of PureHealth, said: “PureHealth’s listing on ADX has broken IPO records on the stock exchange, making it an important milestone in our journey. As the largest integrated healthcare platform of the Middle East, we are proud of the role We continue to contribute to shaping the healthcare sector in Abu Dhabi and beyond We will continue to transform healthcare, in line with the vision of Abu Dhabi leadership, together providing accessible and world-class healthcare level, backed by the latest in artificial intelligence technology and backed by “
PureHealth’s IPO rounds out a strong year for ADX. Some notable listings in 2023 include ADNOC Gas’s largest-ever ADX IPO at $2.5 billion, ADIB’s world’s first dollar-denominated sukuk with an issue value of $500 million, Presight AI for approximately $496 million, to name a few.
PureHealth has been on a journey of consolidation and growth over the past few years. Its diverse portfolio includes more than 25 hospitals, 100 clinics, multiple diagnostic centers, health insurance solutions, pharmacies, health technology and acquisitions. 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 hospital operator. In May, PureHealth completed the acquisition of Ardent Health Services, which is the fourth largest private healthcare group in the US, becoming the only Middle East-based healthcare provider to directly acquire assets in hospitals and clinics from USA
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