UAE-based private healthcare service provider Burjeel Holdings has set the final price share at AED 2.00 ($0.54) per share potentially raising AED 1.1 billion ($299.5 million) in its IPO.

The company is offering a 11% stake in the IPO and will list shares on the Abu Dhabi Securities Exchange (ADX). Listing and the commencement of trading on ADX is expected to take place on October 10, 2022, under the symbol “BURJEEL”.

Based on the final offer price, Burjeel’s market capitalization upon listing is expected to be approximately AED 10.4 billion, "making it one of the largest private healthcare companies on ADX by market capitalization," Burjeel Holdings said in a statement on Wednesday.

Upon listing, VPS Healthcare Holdings PVT LTD will continue to own a majority 70% stake in the company.

The offering saw significant demand from investors in the UAE and the region, amounting to over AED 32 billion, implying an oversubscription level of 29 times, it added.

Dubai Islamic Bank acted as lead manager and First Abu Dhabi Bank acted as lead receiving bank. International Securities and BHM Capital Financial Services PSC acted as advisors. J.P. Morgan Securities plc acted as capital markets advisor.

(Reporting by Brinda Darasha; editing by Seban Scaria)