Dubai (Reuters) – United Arab Emirates-based healthcare platform PureHealth Holding said it plans to proceed with its long-awaited initial public offering (IPO) on the Abu Dhabi stock exchange (ADX).
No details about the potential size of the share offering, eligible investors, or a detailed schedule were provided in the company’s statement late on Monday, but a bourse listing is expected in December, subject to approvals.
Last November, a senior executive told Reuters the IPO could come in the first quarter of 2023 and raise more than $1 billion.
PureHealth is majority-owned by Abu Dhabi investment fund ADQ, with International Holding Company (IHC) (IHC.AD) also holding a stake. Both ADQ and IHC are chaired by Sheikh Tahnoun bin Zayed Al Nahyan, the national security adviser and a brother of UAE President Sheikh Mohammed bin Zayed.
It is the UAE’s largest healthcare provider but has plans to grow internationally.
Earlier this year, it acquired British hospital operator Circle Health Group from Centene (CNC.N) for about $1.2 billion including debt, and in May it completed its acquisition of Ardent Health Services, giving it a foothold in U.S hospitals and clinics.
IHC subsidiaries have previously listed on the ADX exchange to boost the market as part of a broader strategy to diversify the city-state’s economy away from hydrocarbons, deepen capital markets, and spur investment.
