Abu Dhabi – Mubasher: The shares of the recently-listed PureHealth Holding spiked to a high of 84% before they settled around 76% above the listing price at AED 5.74 per share at the end of Wednesday’s trading session, indicating a market value of AED 63.80 billion, according to a press release.
The Middle East’s healthcare platform made its debut on the First Market of the Abu Dhabi Securities Exchange (ADX) on 20 December 2023. The stock saw a jump in its share price to AED 6 per share in early trading, giving it a market value of AED 66.60 billion.
Founder and Managing Director of PureHealth, Farhan Malik, said: “Following an overwhelming demand from investors resulting in the staggering levels of oversubscription, the surge in our share price on the debut day re-emphasises the confidence the market has in the Company’s fundamentals and vision for growth.”
Malik concluded: “Our focus will continue to create shareholder value through organic and inorganic growth, where we will work towards making PureHealth an international brand.”
The company already sold 1.11 billion ordinary shares that were equivalent to 10% of its total issued share capital through its initial public offering (IPO). Investors from the UAE and across the region showed interest in the IPO, resulting in multiple oversubscriptions and a total gross demand of more than AED 265 billion.
The IPO is expected to support long-term commitment towards the company’s excellence in healthcare while facilitating the development of advanced healthcare solutions.
The founders, namely the listed Alpha Dhabi Holding and International Holding Company (IHC) Healthcare Holding as well as and ADQ, will retain 90% stake in PureHealth.
