UAE Business: Burjeel Holdings IPO oversubscribed by 29 times – Gulf Digital News

UAE Business: Burjeel Holdings IPO oversubscribed by 29 times – Gulf Digital News

The initial public offering (IPO) of Burjeel Holdings, a leading MENA private healthcare services provider, received significant demand from investors and closed 29 times oversubscribed.

Total gross demand for the offering amounted to over AED32 billion ($8.71 billion), said the company.

On completion of the bookbuild and public subscription process of the IPO, the price for the offering has been set at AED2 per ordinary share (the Final Offer Price) and the offering size has been confirmed at 550,729,221 ordinary shares (Offer Shares), equivalent to 11 per cent of Burjeel’s total issued share capital.

The group believes the offer price per share provides investors with a highly attractive value proposition that reflects the Selling Shareholder’s long-term confidence in Burjeel Holding’s growth trajectory and reflects its decision to prioritise a supportive aftermarket performance post-listing, said a statement.

The IPO will result in gross proceeds of AED1.1 billion ($299.5 million) for the company and the selling shareholder, upon settlement. Based on the final offer price, Burjeel’s market capitalisation upon listing is expected to be approximately AED10.4 billion, making it one of the largest private healthcare companies on ADX by market capitalisation.

Commenting on the successful completion of the bookbuild, Dr Shamsheer Vayalil Parambath, Founder and Chairman of