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 (ADX). The company confirmed the fixed offering price at AED 3.26 per ordinary share, with an offering size of 1.11 billion ordinary shares, representing 10% of its total issued share capital.
Pure Health reported significant demand from investors within the UAE and the region, resulting in multiple oversubscriptions. The total gross demand for the IPO exceeded $72 billion (AED 265 billion). The Professional Subscribers tranche saw an oversubscription level of 54 times, with demand reaching AED 186 billion. Meanwhile, the Retail offering witnessed remarkable investor appetite, accumulating demand exceeding AED 78 billion, marking an oversubscription level of 483 times.
Farhan Malik, Founder and Managing Director of Pure Health, expressed gratitude for the overwhelming demand, stating, “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 is set to generate gross proceeds of AED 3.62 billion for Pure Health, with an expected market capitalization of AED 36.2 billion at the time of listing. Upon listing, and assuming full subscription of the offered shares, the Founders will retain a 90% stake in the company.
Pure Health stands as the largest integrated healthcare platform in the Middle East, boasting an ecosystem that challenges lifespans and reimagines health spans. With over 25 hospitals, 100 clinics, multiple diagnostic centers, health insurance solutions, pharmacies, health tech, procurement, and investments, Pure Health is at the forefront of groundbreaking innovations, aiming to unlock time for humankind.