Abu Dhabi: Burjeel Holdings lists on ADX with bell-ringing ceremony

Abu Dhabi: Burjeel Holdings lists on ADX with bell-ringing ceremony

Shares of the healthcare group begins trading on ADX under the ticker symbol ‘BURJEEL’

Published: Mon 10 Oct 2022, 10:20 AM Last updated: Mon 10 Oct 2022, 10:37 AM

Burjeel Holdings celebrated the listing of its shares on the Abu Dhabi Securities Exchange (ADX) with an official bell ringing ceremony on Monday morning.

Shares of the Abu Dhabi-based healthcare group began trading on ADX under the ticker symbol ‘BURJEEL’.

Burjeel Holdings, which is one of the largest private healthcare providers in the UAE and Oman, has successfully completed its initial public offering (IPO).

The IPO, which raised gross proceeds of more than Dh1.1 billion for the offering of 11 per cent of the company’s total issued share capital, attracted total gross demand of more than Dh32 billion and was 29 times oversubscribed in aggregate.

Burjeel Holdings’ shares were priced at Dh2, implying a market capitalisation for the company of Dh10.4 billion at the time of listing. At the time of listing, Burjeel Holdings is the largest healthcare company trading on ADX.

The group intends to pay cash dividends from 2023 onwards, on the expected basis of a pay-out ratio of 40 to 70 per cent of net income, dependent on the required investment for additional growth plans.

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