Healthcare giant PureHealth Holding has announced its intention to proceed with an initial public offering (IPO) and list its shares on the Abu Dhabi Securities Exchange (ADX).
Trading on ADX is likely to commence in December subject to obtaining regulatory approvals and other required considerations.
Hamad Al Hammadi, chairman of the Board of Directors of PureHealth, said: “Testament to the continued dynamism and vibrancy of Abu Dhabi’s capital markets, the planned listing would allow PureHealth to claim a position among the world’s leading healthcare groups, benefitting people in an increasing number of countries while reliably leading the way in executing development objectives of our nation.”
Farhan Malik, MD of the company, said: “We are very pleased to announce our intention to float PureHealth on the Abu Dhabi Securities Exchange. This IPO will enable PureHealth to continue to solidify its position as a national champion, expand the depth and geographic reach of groundbreaking innovation for patients, and healthcare technology, expand globally through acquisitions and position Abu Dhabi at the forefront of healthcare globally.
“This is a critical milestone for the UAE as PureHealth continues to revolutionise healthcare by deploying health tech platforms and expanding globally, ensuring efforts to deliver the best in healthcare from Abu Dhabi to the world.”
The company’s shareholders include Alpha Dhabi Holding and International Holding Company Healthcare Holding (subsidiaries of the Abu Dhabi-based conglomerate IHC) and Abu Dhabi-based investment and holding company, ADQ.
PureHealth: Building on its strengths
The healthcare group’s portfolio comprises more than 25 hospitals, 100 clinics, multiple diagnostic centers, health insurance solutions, pharmacies, health tech and procurement in the UAE.
In May, it acquired the US’ fourth largest private healthcare group, Ardent Health Services, becoming the only Middle East-based healthcare provider to directly acquire assets in US hospitals and clinics.
It recently acquired Circle Health Group, the UK’s largest independent operator of hospitals, bolstering its international expansion.
The company launched Pura, an AI-powered super-app that integrates healthcare data from multiple sources, including real-time monitoring through wearable devices. It also created PureNet, its digital health-as-a-service platform to assist healthcare providers with their digital transformation efforts.