UAE-based private healthcare service provider has announced its intention to list on the Abu Dhabi Securities Exchange (ADX) following a 11% stake sale in an IPO.

Burjeel said it plans to offer about 200.4 million new shares while 350.3 million existing shares will be sold by VPS Healthcare Holdings, which owns 79.8% of Burjeel, it said in a statement on Monday.

Earlier this week it sold a 15% stake to Abu Dhabi based conglomerate, International Holding Co., for an undisclosed amount.

Burjeel's IPO begins on September 30, and closes on October 4. Burjeel will announce the final price on October 5 while the stock is expected to list on October 10.

According to the prospectus, 10% of the shares are to be allocated under the first tranche to individual subscribers and 90% will be offered in a second tranche to qualified investors.

The company has a network of 39 hospitals and clinics across the Middle East and India.

For the year ended 31 December 2021 and the six months ended 30 June 2022, Burjeel had net profits of AED 234.1 million and AED 152.9 million, respectively.

(Reporting by Brinda Darasha; editing by Seban Scaria)