Abu Dhabi – Mubasher: The total demand for the initial public offering (IPO) of PureHealth Holding exceeded AED 265 billion during the subscription process, which lasted from 6 to 11 December 2023.

The total gross amount was based on a final IPO price of AED 3.26 a share, resulting in gross proceeds of nearly AED 3.62 billion that followed robust demand from local retail and professional investors, according to a press release.

Meanwhile, the professional investors offering was oversubscribed by 54 times after witnessing a demand worth AED 186 billion.

In addition, the retail demand reached AED 78 billion in value which marked an oversubscription level of 483 times.

PureHealth is expected to list 1.11 billion of its ordinary shares on the First Market of Abu Dhabi Securities Exchange (ADX) on 20 December this year, implying a market cap of AED 36.20 billion at the time of listing.

Founder and Managing Director of PureHealth, Farhan Malik, 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.”

Malik added: “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 IPO is forecast to generate gross proceeds of AED 3.62 billion for PureHealth, which first announced its plans for listing in November 2023.

It is worth noting that First Abu Dhabi Bank (FAB) acted as the lead manager and lead receiving bank for the IPO, while International Securities LLC was appointed as the lead placement agent.