PureHealth IPO Receives Staggering Demand, Gross Orders Received of AED 265 Billion

PureHealth Holding PJSC (Public Joint Stock Company under conversion), confirms the final offer price for its shares has been set at AED 3.26, resulting in gross proceeds of approximately AED 3.62 billion following strong demand from local retail and professional investors.
Total gross demand for the Offering amounted to over AED 265 billion.
Offering attracted tremendous interest amongst the investor community with the Professional Subscribers Offering oversubscribed by 54 times.
The Retail demand saw an impressive oversubscription of 483 times.
Trading on ADX is set to commence on 20^th December 2023 with a market capitalization at the time of listing, estimated at AED 36.2 billion.

ABU DHABI, UAE, Dec. 12, 2023 /PRNewswire/ -- PureHealth Holding PJSC (Public Joint Stock Company under incorporation; the "Company"), today announces the successful completion of the subscription process for its initial public Offering ("IPO" or the "Offering") on the First Market of the Abu Dhabi Securities Exchange ("ADX"). The Company confirmed the fixed price for the Offering which has been set at AED 3.26 per ordinary share (the "Final Offer Price") with an Offering size of 1.11 billion ordinary shares ("Offer Shares"), equivalent to 10 percent of its total issued share capital. The Offering witnessed significant demand from investors within the UAE and the region, resulting in multiple oversubscriptions. The total gross demand for the Offering surpassed over AED 265 billion.

The Professional Subscribers tranche attracted demand of AED 186 billion reflecting an oversubscription level of 54 times. Meanwhile, the Retail offering witnessed tremendous appetite from investors, accumulating demand in excess of AED 78 billion, marking an oversubscription level of 483 times.

Commenting on the announcement, 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. 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 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.

The Constitutive General Assembly Meeting for conversion to PJSC is on 15 December 2023. 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. The shares will trade under the symbol "PureHealth" and ISIN "AEE01362P238." At listing, provided that the offering shares are fully subscribed, the Founders will retain a 90% stake in the Company. First Abu Dhabi Bank PJSC acted as Lead Manager and Lead Receiving Bank. International Securities LLC was appointed as the Lead Placement Agent.

About PureHealth

By advancing the science of longevity, PureHealth is introducing the healthcare of the future 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 lifespans and reimagines health spans. With 25+ hospitals, 100+ clinics, multiple diagnostic centers, health insurance solutions, pharmacies, health tech, procurement, investments and more, its groundbreaking innovations are at the forefront of healthcare, as the company is on a mission to unlock time for humankind.

PureHealth's network of healthcare facilities across Abu Dhabi and the Northern Emirates comprises:

SEHA – Abu Dhabi Health Services Company – One of the largest healthcare networks of hospitals and clinics in the UAE
Daman – The National Health Insurance Company, the UAE's leading health insurer
The Medical Office – Overseeing Sheikh Khalifa Hospitals and healthcare facilities established under the initiatives of H.H. the President of the UAE
Rafed – The UAE's largest healthcare Group Purchasing Organization
PureLab – Managing and operating the largest network of laboratories in the region
Abu Dhabi Stem Cells Center – Specialist healthcare center focused on cell therapy and regenerative medicine
One Health – Sales, service support, and engineering network that provides end-to-end medical solutions
The Life Corner – Abu Dhabi's first holistic pharmacy, serving the health and wellness establishment
Ardent - The fourth largest privately held acute care hospital operator in the USA