Pure Health, the largest healthcare platform in the Middle East, has raised $986 million (AED 3.62 billion) from its initial public offering on the Abu Dhabi Securities Exchange in an oversubscribed deal.

The company confirmed the fixed price for the Offering which has been set at AED 3.26 per ordinary share with an Offering size of 1.11 billion ordinary shares, equivalent to 10 percent of its total issued share capital.

The company said that the Offering witnessed significant demand from investors within the UAE and the region, resulting in multiple oversubscriptions. The total gross demand for the Offering surpassed over $72 billion (AED 265 billion).

The Professional Subscribers tranche attracted demand of AED 186 billion reflecting an oversubscription level of 54 times. Meanwhile, the Retail offering witnessed tremendous appetite from investors, accumulating demand in excess of AED 78 billion, marking an oversubscription level of 483 times.

Commenting on the announcement, Farhan Malik, Founder and Managing Director of PureHealth, said “There has been overwhelming demand for our IPO. This is a resounding endorsement of the market’s confidence in our achievements, the management’s execution capability, and our vision for growth. The IPO unlocks PureHealth’s credentials in transforming healthcare systems, underscoring our commitment to shaping the future of healthcare through continuous innovation and an unwavering pursuit of excellence, where we take Pure Health from Abu Dhabi to the World.”

The Offering will generate gross proceeds of AED 3.62 billion for the company. On listing, the company’s market capitalization is expected to reach AED 36.2 billion.

At listing, provided that the offering shares are fully subscribed, the Founders will retain a 90 percent stake in the company.

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.

Source: Pro Pakistani