Pure Health IPO: Company raises $986m in oversubscribed offering – The National

Pure Health IPO: Company raises $986m in oversubscribed offering – The National

Pure Health has raised Dh3.62 billion ($986 million) from its initial public offering on the Abu Dhabi Securities Exchange in an oversubscribed deal fuelled by strong investor interest.The IPO was oversubscribed across all tranches with total gross demand exceeding Dh265 billion ($72 billion), Pure Health, the UAE’s largest healthcare group, said on Tuesday.The company set the price at Dh3.26 per share with an offering size of 1.11 billion ordinary shares, equivalent to 10 per cent of its total issued share capital.The offering recorded "significant demand" from investors within the UAE and the region, Pure Health said.The retail tranche was oversubscribed 483 times and the institutional offering attracted Dh186 billion, indicating an oversubscription level of 54 times.The company expects to start trading on the ADX under the symbol "PureHealth" on December 20. On listing, the company’s market capitalisation is expected to reach Dh36.2 billion."There has been overwhelming demand for our IPO," said Farhan Malik, founder and managing director of Pure Health.It is an "endorsement of the market's confidence in our achievements, the management’s execution capability, and our vision for growth", he said.In January last year, ADQ signed a deal to merge its healthcare subsidiaries with Pure Health to create the largest