Abu Dhabi, UAE—Burjeel Holding, the Abu Dhabi based healthcare provider, said it raised more than AED1.1 billion ($300 million) from the sale of an 11 per cent stake sale in the company’s initial public offering (IPO).
Oversubscribed 29 times, the total gross demand for the IPO was more than AED32 billion ($8.7 billion), the company said and added that more than 550.7 million shares at the share price of AED2.
Based on the Final Offer Price, Burjeel’s market capitalization upon listing is expected to be approximately AED10.4 billion, making it one of the largest private healthcare companies on ADX by market capitalization, the company said.
Its shares will begin trading on October 10 under the symbol “BURJEEL”. VPS Healthcare Holdings will continue to own a 70 per cent stake in the company after the listing.
Burjeel Holdings, founded in 2007 by Dr Shamsheer Vayalil, has a network of about 61 assets, including hospitals and medical centres, as well as pharmacies and other allied services throughout the UAE and Oman.
Dr. Shamsheer Vayalil Parambath, Founder and Chairman of Burjeel Holdings, said, “The strong demand for the IPO reflects the high-quality investment opportunity provided by Burjeel Holdings, built around our clear clinical vision and our strong growth trajectory in the MENA region.”