Pure Health, a leading healthcare platform in the Middle East, has successfully raised $986 million (AED 3.62 billion) through its oversubscribed initial public offering on the Abu Dhabi Securities Exchange (ADX). The fixed price for the offering was set at AED 3.26 per ordinary share, accounting for 10 percent of the company’s total issued share capital.
The substantial demand for the offering, both regionally and within the UAE, resulted in multiple oversubscriptions, with the total gross demand exceeding $72 billion (AED 265 billion). The Professional Subscribers tranche saw a 54 times oversubscription, attracting AED 186 billion in demand. In contrast, the Retail offering experienced an exceptional oversubscription level of 483 times, accumulating demand surpassing AED 78 billion.
Farhan Malik, Founder and Managing Director of Pure Health, expressed his satisfaction with 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, he added, reflects Pure Health’s commitment to transforming healthcare systems through continuous innovation and a pursuit of excellence.
The IPO is set to generate gross proceeds of AED 3.62 billion, with Pure Health’s market capitalization expected to reach AED 36.2 billion upon listing. At listing, assuming full subscription of the offering shares, the Founders will retain a 90 percent stake in the company.
Pure Health, as the largest integrated healthcare platform in the Middle East, boasts an ecosystem comprising 25+ hospitals, 100+ clinics, diagnostic centers, health insurance solutions, pharmacies, health tech, procurement, and more. With a mission to unlock time for humankind, the company’s groundbreaking innovations position it at the forefront of healthcare, challenging lifespans and reimagining health spans.
