Abu Dhabi Securities Exchange (ADX) has welcomed the listing of PureHealth. PureHealth’s Initial Public Offering (IPO) raised a total of AED3.62 billion and was oversubscribed by 483 times in the retail tranche and by 54 times in the professional subscribers tranche.
The IPO also marks the 6th listing on ADX in 2023, which is up from 5 IPOs in 2022, with the total value surpassing more than AED20.4 billion (USD$5.57 billion).
Abdulla Salem Alnuaimi, Chief Executive Officer of ADX, said: "We warmly welcome PureHealth to the ADX family and look forward to their invaluable contribution towards the healthcare services sector in the UAE and beyond. This year, we have witnessed strong investors’ interest and participation towards the various dynamic listings and initiatives on the ADX platform. We aim to continuously strengthen our market infrastructure and trading offerings and investment services to enable more local and global companies to achieve their capital raising and investment ambitions. At ADX, we are committed to fulfilling Abu Dhabi’s economic strategy and expanding the sustainable growth and development of capital markets in the UAE and wider Middle East region.”
PureHealth joins a growing group of both local and global healthcare players on ADX, demonstrating the its role as a hub for healthcare investments and providing opportunities for the exchange’s investors to further diversify their portfolios. The company’s global footprint in the US and the UK reflects the growing internationalisation of ADX and highlights its role as a supporter of Abu Dhabi’s economic growth and diversification.
Farhan Malik, Founder and Managing Director of PureHealth, said: "PureHealth’s listing on ADX has surpassed IPO records on the exchange, making this a significant milestone in our journey. As the largest integrated healthcare platform in the Middle East, we are proud of the role we continue to play in shaping the healthcare sector for Abu Dhabi and beyond. We will continue to transform healthcare, in line with the vision of Abu Dhabi’s leadership, together delivering accessible, world-class healthcare backed by the latest in AI technology and supported by continued public and private sector collaboration. PureHealth is becoming a healthcare equity platform where our focus will be on international expansion. This listing will further support our equity growth story by enabling us in taking the organisation from Abu Dhabi to the world.”
PureHealth IPO rounds out a strong year for ADX. Some notable listings in 2023 include the largest-ever IPO on ADX of ADNOC Gas at AED 9.1 billion (USD$2.5 billion), ADIB’s world’s first dollar-denominated sukuk with AED1.836 billion (USD$500 million) value of issuance, the IPO of Presight AI at approximately AED1.8 billion ($496 million), to name a few.
