Pure Health has a network of more than 25 hospitals, 160 laboratories and 100 clinics. Victor Besa / The National
Pure Health has a network of more than 25 hospitals, 160 laboratories and 100 clinics. Victor Besa / The National
Pure Health has a network of more than 25 hospitals, 160 laboratories and 100 clinics. Victor Besa / The National
Pure Health has a network of more than 25 hospitals, 160 laboratories and 100 clinics. Victor Besa / The National

UAE’s Pure Health to launch IPO next month


Shweta Jain
  • English
  • Arabic

Pure Health, the UAE’s largest healthcare group, plans to launch an initial public offering next month and list its shares on the Abu Dhabi Securities Exchange amid continued IPO momentum in the Emirates.

The listing of Pure Health, whose assets include insurance companies, hospitals, clinics, and diagnostics facilities, on the Arab world’s second-largest bourse is subject to regulatory approvals and other relevant considerations, the company said on Tuesday.

Current shareholders in Pure Health are Alpha Dhabi Holding and International Holding Company (IHC) Healthcare Holding, subsidiaries of the Abu Dhabi conglomerate IHC, and Abu Dhabi holding company ADQ, by way of a wholly owned subsidiary.

“This IPO will position Abu Dhabi as a front-runner in the global healthcare landscape,” Farhan Malik, managing director of Pure Health, said.

“It will enable Pure Health to continue to … expand the depth and geographic reach of groundbreaking innovation for patients, healthcare technology, expansion globally through acquisitions.”

In August, Pure Health agreed to purchase the UK’s biggest private healthcare company, Circle Health, from Centene Corporation, in a deal valued at Dh4.41 billion ($1.2 billion). The acquisition marked Pure Health’s first entry into the UK market.

The company also this year completed a Dh1.8 billion purchase of an equity investment in Ardent Health Services, which is the US’s fourth-largest private healthcare group operating across six states.

In January last year, ADQ signed a deal to merge its healthcare subsidiaries, including Abu Dhabi Health Services Company, better known as Seha, and the National Health Insurance Company (Daman) with Alpha Dhabi’s Pure Health to create the Emirates’ largest healthcare provider.

ADQ merged its healthcare entities, Rafed and Union71, with Pure Health in 2021.

Pure Health now has a network of more than 25 hospitals, 160 laboratories, 100 clinics and a workforce of more than 24,000 employees.

In June last year, Pure Health committed to spend Dh10 billion over the next 10 years on procuring products in the UAE and supporting the country's economy.

The company did not say how much it plans to raise through its planned IPO.

“The planned listing would allow Pure Health to claim a position among the world’s leading health care groups, benefitting people in an increasing number of countries while reliably leading the way in executing development objectives of our nation,” said Pure Health chairman Hamad Al Hammadi.

Pure Health's IPO plans coincide with a surge in listing activity on regional stock markets, including the ADX, the Dubai Financial Market, and Saudi Arabia's Tadawul. This trend is attributed to the recovery of their economies from the coronavirus-induced slowdown, boosted by higher oil prices and government reforms.

Abu Dhabi has notably accounted for 14 percent of all global listings in the first quarter of 2023, underscoring the strength of its capital markets amid a challenging global IPO market, according to global consultancy EY.

Investcorp Capital, a Bahrain-based asset manager, commenced trading on the ADX last week after a successful IPO that raised Dh1.66 billion ($451 million).

Blockchain and crypto solutions company Phoenix Group last month said it is planning to public in Abu Dhabi, without specifying the timeline or size of the IPO.

The UAE capital attracted $3 billion worth of listing proceeds in the first quarter of this year, placing it third worldwide, with Adnoc Gas raising about Dh9.1 billion from the sale of a 5 per cent stake.

The ADX also hosted the largest Mena IPO in the second quarter, with Adnoc L&S raising $769.5 million.

With broader UAE IPO momentum underway, Dubai Taxi announced on Tuesday its aim to raise as much as $315 million through its listing on the DFM.

In 2022, Middle East IPOs collectively raised more than $23 billion from 48 listings, a significant increase compared to the previous year's $7.52 billion from 20 offerings, as reported by EY data.

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Mrs%20Chatterjee%20Vs%20Norway
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Ashima%20Chibber%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Rani%20Mukerji%2C%20Anirban%20Bhattacharya%20and%20Jim%20Sarbh%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
Sweet%20Tooth
%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3EJim%20Mickle%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EChristian%20Convery%2C%20Nonso%20Anozie%2C%20Adeel%20Akhtar%2C%20Stefania%20LaVie%20Owen%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
Final scores

18 under: Tyrrell Hatton (ENG)

- 14: Jason Scrivener (AUS)

-13: Rory McIlroy (NIR)

-12: Rafa Cabrera Bello (ESP)

-11: David Lipsky (USA), Marc Warren (SCO)

-10: Tommy Fleetwood (ENG), Chris Paisley (ENG), Matt Wallace (ENG), Fabrizio Zanotti (PAR)

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
The Specs:

The Specs:

Engine: 2.9-litre, V6 twin-turbo

Transmission: 8-speed automatic

Power: 444bhp

Torque: 600Nm

Price: AED 356,580 incl VAT

On sale: now.

The specs: 2019 Aston Martin DBS Superleggera

Price, base: Dh1.2 million

Engine: 5.2-litre twin-turbo V12

Transmission: Eight-speed automatic

Power: 725hp @ 6,500pm

Torque: 900Nm @ 1,800rpm

Fuel economy, combined:  12.3L / 100km (estimate)

MATCH INFO

Everton v Tottenham, Sunday, 8.30pm (UAE)

Match is live on BeIN Sports

The Freedom Artist

By Ben Okri (Head of Zeus)

BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

RESULTS
%3Cp%3E%3Cstrong%3E6pm%3A%20Baniyas%20%E2%80%93%20Group%202%20(PA)%20Dh97%2C500%20(Dirt)%201%2C400m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20AF%20Alajaj%2C%20Tadhg%20O%E2%80%99Shea%20(jockey)%2C%20Ernst%20Oertel%20(trainer)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E6.35pm%3A%20The%20Pointe%20%E2%80%93%20Maiden%20(TB)%20Dh82%2C500%20(D)%201%2C200m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Awasef%2C%20Pat%20Dobbs%2C%20Doug%20Watson%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E7.10pm%3A%20Palm%20West%20Beach%20%E2%80%93%20Maiden%20(TB)%20Dh82%2C500%20(D)%201%2C400m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Long%20Kiss%2C%20Jose%20da%20Silva%2C%20Antonio%20Cintra%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E7.45pm%3A%20The%20View%20at%20the%20Palm%20%E2%80%93%20Handicap%20(TB)%20Dh87%2C500%20(D)%201%2C200m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Ranaan%2C%20Tadhg%20O%E2%80%99Shea%2C%20Bhupat%20Seemar%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E8.20pm%3A%20Nakheel%20%E2%80%93%20Handicap%20(TB)%20Dh105%2C000%20(D)%201%2C400m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Raaeb%2C%20Antonio%20Fresu%2C%20Musabah%20Al%20Muhairi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E8.55pm%3A%20The%20Club%20%E2%80%93%20Handicap%20(TB)%20Dh95%2C000%20(D)%201%2C900m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Qareeb%2C%20Sam%20Hitchcock%2C%20Doug%20Watson%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E9.30pm%3A%20Palm%20Beach%20Towers%20%E2%80%93%20Handicap%20(TB)%20Dh87%2C500%20(D)%201%2C600m%3C%2Fstrong%3E%3Cbr%3EWinner%3A%20Falsehood%2C%20Adrie%20de%20Vries%2C%20Musabah%20Al%20Muhairi%3C%2Fp%3E%0A
Updated: November 21, 2023, 8:20 AM`