Another “greenfield” initial public offering is set to hit the Dubai Financial Market, with Amanat, a Dh2.5 billion start-up business in health care and education, confirming its intention to list.
The public part of the offering will consist of Dh1.375bn worth of shares representing 55 per cent of the equity, with subscription expected to open at the end of this month.
Some 37 individuals, described in a company statement as “prominent local and international investors”, have already signed up with founders’ subscriptions totalling Dh1.125bn.
A greenfield company is one with few initial assets and no business track record. Marka, the luxury retailer, was the first greenfield company for many years to list on a UAE market with a strong debut on the DFM.
Faisal bin Juma Belhoul, who runs the Ithmar Capital private equity firm based in Dubai, is chairman of the new company, and Ithmar is a 1.6 per cent founder investor.
“We have reached a pivotal moment for health care and education in the GCC, with a clear need for a company with the resources and expertise necessary to bridge the quality and supply gap presently facing the sectors,” said Mr Belhoul. “Amanat fulfils this need and will leverage its unique scale and extensive networks to partner with governments, companies and entrepreneurs to positively transform healthcare and education services for generations to come.”
Amanat will use the cash it has raised to set up companies in the healthcare and education sectors, and develop, manage and operate these companies within the GCC.
Under its business plan, it will deploy 95 per cent of its capital on acquisitions and partnership with existing companies or start-ups, and the rest to establish new ventures.
The two biggest founder shareholders are Dubai-based Rimco Investments and Bahrain’s Osool Asset Management, with 10 per cent each.
fkane@thenational.ae
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