- Pure Health Holding PJSC (Public Joint Stock Company under conversion), confirms its intention to offer 1,111,111,111 (around 1.11 billion) shares for public subscription in the United Arab Emirates, representing 10% of its issued share capital as at the listing date.
- The offer price has been set at AED 3.26 per share, with the Company expected to raise approximately AED 3.62 billion, as additional capital, upon completion of subscription.
- The allocation of Professional Offer Shares (Second Tranche) will be on 13 December 2023.
- The allocation of Retail Offer Shares (First Tranche) will be on 14 December 2023.
- Constitutive General Assembly Meeting for conversion to PJSC is on 15 December 2023
- Expected listing of shares and trading on ADX is on 20 December 2023.
Abu Dhabi: Pure Health Holding PJSC (Public Joint Stock Company under incorporation; the “Company”), the largest healthcare platform in the Middle East, today announced it is offering 1,111,111,111 (one billion one hundred eleven million one hundred eleven thousand one hundred and eleven) shares of the Company for its Initial Public Offering (“IPO” or the “Offering”) on the First Market of the Abu Dhabi Securities Exchange (“ADX”), representing 10% of the total share capital of the Company. This will amount to AED 3.62 billion with an Offering price of AED 3.26 (the “Offer Price”) per Share.
The Company’s planned Offering and listing will provide investors with a unique opportunity to invest in one of the region’s leading healthcare businesses. The subscription period will open on 6 December 2023 and will close on 11 December 2023 for both the Tranches.
The Company intends to list its shares on ADX on 20 December 2023.
The prospectus for the UAE and the public announcement will be published today and will be available at purehealth.ae/investor-relations/.
Farhan Malik, Managing Director of PureHealth, said: “I am thrilled to witness the strong investors interest since announcing our intention to list on ADX. Being the leading healthcare provider in the region, PureHealth aligns seamlessly with Abu Dhabi's Economic Vision for 2030. Our vision is dedicated to transforming the existing healthcare system in the UAE, shifting from a reactive, episodic model to a continuous, proactive ecosystem driven by advanced digital infrastructure. Our upcoming IPO offers investors a unique opportunity to be part of an international healthcare platform. 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 presents PureHealth as a unique and attractive investment proposition for investors. We look forward to listing on ADX, marking a significant milestone in our journey towards healthcare excellence.’’
Alpha Dhabi Health Holding LLC , IHC Healthcare Holding LLC; Q Health LLC, AH Capital FZE and Al Ataa Investment LLC, (together the “Founders”), reserve the right to amend the size of the Offering (defined below) at any time prior to the end of the subscription period at their sole discretion, subject to applicable laws and the approval of the Securities & Commodities Authority (the “SCA”).
Details of the Offering
- The Company intends to offer for public subscription 1,111,111,111 (1.11 billion) shares, which will represent 10% of the share capital of the Company.
- The price for the Offer has been set at AED 3.26 (the “Offer Price”) per share, amounting to AED 3.62 billion.
- The opening of the subscription period for the Offering commences on 6 December 2023 and will close on 11 December 2023 for both Tranches.
- The Offering comprises of
- Retail Subscribers (First Tranche), will comprise approximately 4.5% of the Offer Shares, representing 50,000,000 (fifty million) Shares.
- Professional Subscribers (Second Tranche) will comprise approximately 95.5% of the Offer Shares, which represents 1,061,111,111 (one billion sixty-one million one hundred eleven thousand one hundred eleven) Shares.
- The subscription period for the Offer starts on 6 December 2023 and will end on 11 December 2023.
- The allocation of Professional Offer Shares (Second Tranche) will be on 13 December 2023, while the allocation of Retail Offer Shares (First Tranche) will be on 14 December 2023.
- Constitutive General Assembly Meeting for conversion to PJSC is on 15 December 2023.
- The shares are expected to be listed on ADX on 20 December 2023, subject to market conditions and obtaining the relevant regulatory approvals in the UAE.
- As at listing date, provided that the offering shares are fully subscribed, the Founders will continue to hold a stake of 90% in the Company.
- First Abu Dhabi Bank PJSC has been appointed as the Lead Receiving Bank.
- WIO Bank PJSC and Al Maryah Community Bank LLC have also been appointed as Receiving Banks.
- First Abu Dhabi Bank PJSC has been appointed as the Lead Manager.
- International Securities LLC has been appointed as the Lead Placement Agent.
Overview of PureHealth
PureHealth has been on a journey of consolidation and growth over the past years. With a diverse UAE portfolio encompassing over 25 hospitals, 100 clinics, multiple diagnostic centers, health insurance solutions, pharmacies, health tech, and procurement, PureHealth is also actively expanding its presence globally including the recent acquisition of 100 percent stake in Circle Health Group, the UK’s largest independent operator of hospitals, marking an important milestone in the company’s journey towards creating a global healthcare network which revolutionizes patient care. In May 2023, PureHealth completed its acquisition of Ardent Health Services, which is USA’s fourth largest private healthcare group, becoming the only Middle East based healthcare provider to directly acquire assets in US hospitals and clinics.
PureHealth is committed to raising standards in healthcare excellence, facilitating the development of cutting-edge healthcare solutions, and advancing the science of longevity. Pure Health works towards its stated purpose of remaining at the forefront of advancing health systems and envisioning the healthcare of the future.
The Prospectus and detailed information about the Company, its IPO, and the subscription process can be found at purehealth.ae/investor-relations/.
By advancing the science of longevity, PureHealth is introducing the healthcare of the future from the UAE to the rest of the world. PureHealth is the largest integrated healthcare platform in the Middle East, with an ecosystem that challenges lifespans and reimagines health spans. With 25+ hospitals, 100+ clinics, multiple diagnostic centers, health insurance solutions, pharmacies, health tech, procurement, investments and more, its groundbreaking innovations are at the forefront of healthcare, as the company is on a mission to unlock time for humankind.
PureHealth’s network of healthcare facilities across Abu Dhabi and the Northern Emirates comprises:
- SEHA – Abu Dhabi Health Services Company – One of the largest healthcare networks of hospitals and clinics in the UAE
- Daman – The National Health Insurance Company, the UAE’s leading health insurer
- The Medical Office – Overseeing Sheikh Khalifa Hospitals and healthcare facilities established under the initiatives of H.H. the President of the UAE
- Rafed – The UAE’s largest healthcare Group Purchasing Organization
- PureLab – Managing and operating the largest network of laboratories in the region
- Abu Dhabi Stem Cells Center – Specialist healthcare center focused on cell therapy and regenerative medicine
- One Health – Sales, service support, and engineering network that provides end-to-end medical solutions
- The Life Corner – Abu Dhabi’s first holistic pharmacy, serving the health and wellness establishment
- Ardent - The fourth largest privately held acute care hospital operator in the USA
To learn more, please visit www.purehealth.ae
For media inquiries, please contact:
Simon Hailes, Managing Director and Head of Middle East