PureHealth soars 69% after nearly $1bn IPO in Abu Dhabi

Shares in Abu Dhabi healthcare platform PureHealth Holding climbed as much as 69 per cent above their listing price on Wednesday on their market debut, after raising almost $1bn in an initial public offering (IPO) for 10 per cent of the business.

PureHealth played a pivotal role in screening for COVID-19 infections in the United Arab Emirates, and its initial public offering has been in the works for years. It is the UAE’s largest healthcare provider, but has plans to grow internationally.

Shares traded at Dhs5.5 ($1.50), as the Abu Dhabi market opened against an IPO offer price of Dhs3.26 per share.

PureHealth is owned by Abu Dhabi sovereign wealth fund ADQ and one of the capital’s biggest conglomerates, IHC, both of which are chaired by Sheikh Tahnoun bin Zayed Al Nahyan, the national security adviser and a brother of UAE President Sheikh Mohammed bin Zayed.

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.