Abu Dhabi, UAE — PureHealth Holding, which completed the subscription process for its IPO, has set AED 3.26 per share as offering price for an offering of 1.11 billion ordinary shares, equivalent to 10 percent of its shared capital.
The company said the offering was substantially oversubscribed, witnessing a total gross demand of over AED 265 billion ($72.15 billion) — with professional subscribers’ tranche attracting demand of AED 186 billion and retail offering in excess of AED 78 billion.
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.
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.”
Listing and trading commencement of PureHealth’s shares on ADX are expected to take place on 20 December 2023, subject to market conditions and regulatory approvals in the UAE.