Pure Health, the largest healthcare platform in the Middle East, has successfully raised $986 million (AED 3.62 billion) through its oversubscribed initial public offering (IPO) on the Abu Dhabi Securities Exchange. The fixed price for the offering was set at AED 3.26 per ordinary share, representing 10 percent of the company’s total issued share capital, with an offering size of 1.11 billion ordinary shares.
The IPO garnered substantial demand, exceeding $72 billion (AED 265 billion) in total gross demand, indicating strong investor interest from both the UAE and the wider region. The Professional Subscribers tranche experienced an oversubscription level of 54 times, with demand reaching AED 186 billion. The Retail offering, demonstrating remarkable investor appetite, witnessed an oversubscription level of 483 times, accumulating demand in excess of AED 78 billion.
Farhan Malik, Founder and Managing Director of PureHealth, expressed gratitude for the overwhelming demand, considering it a resounding endorsement of the company’s achievements, management’s execution capability, and vision for growth. He highlighted the IPO as a pivotal moment, unlocking PureHealth’s potential to transform healthcare systems and showcasing the market’s confidence in the company’s commitment to innovation and excellence.
The successful IPO is set to generate gross proceeds of AED 3.62 billion for PureHealth, and upon listing, the company’s market capitalization is anticipated to reach AED 36.2 billion. Following the offering, the Founders will maintain a 90 percent stake in the company, provided the offering shares are fully subscribed.
PureHealth stands as the largest integrated healthcare platform in the Middle East, boasting an extensive ecosystem that spans 25+ hospitals, 100+ clinics, multiple diagnostic centers, health insurance solutions, pharmacies, health tech, procurement, and investments.
The company’s groundbreaking innovations position it at the forefront of healthcare, with a mission to unlock time for humankind and reshape health spans globally. The IPO marks a significant milestone in PureHealth’s journey to contribute to the evolution of healthcare on a global scale.
