Response Plus Medical, a UAE-based provider of on-site healthcare services, has listed its shares on the Abu Dhabi Securities Exchange’s secondary market.
The company, a unit of ADX-listed Alpha Dhabi, has a paid-up capital of Dh200 million ($54.45m), Alpha Dhabi said.
“By taking RPM public, we can share this exciting growth prospect with a broader base of investors,” Hamad Al Ameri, managing director and chief executive, said.
RPM, which has grown rapidly into healthcare management space, is launching new services and is “executing a well-defined five-year strategy to expand”, he said.
RPM is the 13th company to list on ADX’s Second Market since it was established in 2014. Its market capitalisation at the end of August climbed to Dh38 billion, a 273 per cent surge from the same period last year.
ADX has outperformed most of it global peers, with its benchmark index rising more than 50 per cent since the beginning of the year, pushing its market capitalisation to almost Dh1.4 trillion.
The Abu Dhabi bourse has attracted a string of initial public offerings this year as well, including Alpha Dhabi, which started trading in June. Yahsat, the satellite operator majority owned by Mubadala Investment Company, also floated its shares on the ADX.
Adnoc Drilling, a unit of state-controlled Abu Dhabi National Oil Company, is set to raise more than $750m from its IPO in Abu Dhabi and expects to start trading on the ADX next month. ADQ, one of the region’s biggest holding companies, also plans to list Abu Dhabi ports on the ADX by the end of the year.
“[The] ADX is becoming increasingly vibrant due to a strong pipeline of listings and [its] broadening offering of products and services,” Saeed Hamad Al Dhaheri, chief executive of ADX, said. “By connecting growth companies such as RPM to significant pools of regional liquidity and major global investors, the exchange will play a key role in the region’s economic development in the coming years.”
Established in 2010, RPM specialises in medical emergency transfers from remote work sites with more than 260 medical facilities, as well as a fleet of more than 160 ambulances. It provides medical support for the oil and gas sector, chemical industries and construction sites.
The company operates in the UAE, Saudi Arabia and Oman, and plans to expand into other GCC countries, Africa and India over the next five years.
“Listing on ADX is a major milestone in RPM’s development,” Shamsheer Vayalil, chairman of RPM, said. “We are now expanding geographically … ensuring that the company benefits even further from economies of scale and opportunities to grow our client base significantly.”