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- Pure Health Holding PJSC (a public joint-stock company in conversion) confirmed its intention to subscribe to the public in the United Arab Emirates for 1,111,111,111 shares (approximately 1.11 billion shares), representing 10% of its issued share capital on the date of listing.
- The offer price is set at Dh3.26 per share and the company expects to raise approximately Dh3.62 billion in additional capital upon completion of the subscription.
- The allocation of Professional Offering Shares (Second Tranche) will take place on December 13, 2023.
- The retail offering shares (first tranche) will be allocated on December 14, 2023.
- The organizational meeting to convert to PJSC will be held on December 15, 2023
- The shares are expected to be listed and trade on ADX on December 20, 2023.
Abu Dhabi: Pure Health Holding PJSC (an incorporated public joint-stock company; the “Company”), the largest healthcare platform in the Middle East, today announced the issuance of 1,111,111,111 (10111111010) 11) on the first market of the Abu Dhabi Securities Exchange (“ADX”) An initial public offering (“IPO” or “offering”) of a company’s shares, accounting for 10% of the company’s total share capital. This will amount to AED 3.62 billion at an issue price of AED 3.26 per share (the “Issue Price”).
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 for both tranches will begin on December 6, 2023, and end on December 11, 2023.
The company plans to list on ADX on December 20, 2023.
The UAE’s prospectus and announcement will be published today and will be available at purehealth.ae/investor-relations/.
Farhan Malik, Managing Director of PureHealth said: “Since announcing our intention to list on ADX, I have been delighted to see the strong interest from investors. As the region’s leading healthcare provider, PureHealth aligns seamlessly with Abu Dhabi’s Economic Vision 2030. Our vision is committed to Transforming the existing healthcare system in the UAE from a reactive, intermittent model to a continuous, proactive ecosystem digital infrastructure driven by advanced technologies. Our upcoming IPO provides investors with the opportunity to join international healthcare unique opportunity for the platform. Our solid domestic foothold, international reach, strong industry fundamentals, our focus on technology and innovation, and international growth opportunities, all of which provide PureHealth with the support of strong government policies “
Alpha Dhabi Health Holding LLC, IHC Healthcare Holding LLC; Q Health LLC, AH Capital FZE and Al Ataa Investment LLC (collectively, the “Founders”) reserve the right to modify the Offering Size (as defined below) at any time prior to the end of the Subscription Period, subject to Comply with applicable laws and obtain approval from the Securities and Commodities Authority (“SCA”).
Offer details
- The company plans to sell 1,111,111,111 shares (1.11 billion shares) to the public, accounting for 10% of the company’s share capital.
- The offer price is set at 3.26 dirhams per share (the “offer price”), with an amount of 3.62 billion dirhams.
- The subscription period for this issuance will begin on December 6, 2023, and the subscription period for both tranches will end on December 11, 2023.
- This offering includes
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- Retail subscribers (first tranche) will account for approximately 4.5% of the shares on offer, equivalent to 50,000,000 (fifty million) shares.
- Professional subscribers (second batch) will account for approximately 95.5% of the shares on offer, or 1,061,111,111 (1,061,111,111) shares.
- The subscription period for this offer begins on December 6, 2023, and ends on December 11, 2023.
- The Professional Offer Shares (Second Tranche) will be allocated on December 13, 2023, while the Retail Offer Shares (First Tranche) will be allocated on December 14, 2023.
- The organizational meeting to convert to PJSC will be held on December 15, 2023.
- The shares are expected to be listed on ADX on December 20, 2023, subject to market conditions and receipt of relevant regulatory approvals in the UAE.
- As of the listing date, if the shares issued this time are fully subscribed, the founders will continue to hold 90% of the company’s equity.
- First Abu Dhabi Bank PJSC has been appointed as the lead collecting bank.
- WIO Bank PJSC and Al Maryah Community Bank LLC were also designated as receiving banks.
- First Abu Dhabi Bank PJSC has been appointed as lead manager.
- International Securities LLC has been appointed as lead placement agent.
PureHealth Overview
PureHealth has been on a path of consolidation and growth over the past few years. PureHealth has a diversified UAE portfolio spanning more than 25 hospitals, 100 clinics, multiple diagnostic centers, health insurance solutions, pharmacies, health technology and procurement, in addition to PureHealth’s aggressive expansion of its global presence, including the recent acquisition The 100% stake in Circle Health Group, the UK’s largest independent hospital operator, marks a major milestone in the company’s journey to create a global healthcare network that will revolutionize patient care. In May 2023, PureHealth completed the acquisition of Ardent Health Services, the fourth largest private medical group in the United States, becoming the only Middle Eastern healthcare provider to directly acquire US hospital and clinic assets.
PureHealth is dedicated to raising the standard for excellence in healthcare, promoting the development of cutting-edge healthcare solutions, and advancing the science of longevity. Pure Health is committed to its stated goal of remaining at the forefront of advancing health systems and looking toward the future of healthcare.
The prospectus and detailed information about the company, the initial public offering and the subscription process can be found at: purehealth.ae/investor relations/.
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About PureHealth
By advancing the science of longevity, PureHealth is bringing the future of healthcare 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 lifespan and reimagines healthspan. With over 25 hospitals, 100+ clinics, multiple diagnostic centers, health insurance solutions, pharmacies, health technologies, procurement, investments, and more, its groundbreaking innovations are at the forefront of healthcare as the company’s mission is to serve Human unlock time.
PureHealth’s network of healthcare facilities across Abu Dhabi and the Northern Emirates includes:
- SEHA – Abu Dhabi Health Services Company – One of the largest healthcare networks of hospitals and clinics in the UAE
- daman – National Health Insurance Corporation, the leading health insurance company in the UAE
- medical office – Supervise the establishment of Sheikh Khalifa Hospital and Medical Institutions at the initiative of His Highness the President of the UAE
- Rafid – The largest healthcare group procurement organization in the UAE
- pure laboratory – Manage and operate the largest laboratory network in the region
- Abu Dhabi Stem Cell Center – Professional medical center focusing on cell therapy and regenerative medicine
- a healthy – Sales, service support and engineering network Provide end-to-end medical solutions
- living corner – Abu Dhabi’s first holistic pharmacy serving health and wellness facilities
- enthusiastic – The fourth largest private acute care hospital operator in the United States
To find out more, visit www.purehealth.ae
For media inquiries please contact:
Edelman Smithfield
Simon Hailes, Managing Director and Head of Middle East
purehealthedelmansmithfield@edelman.com
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