PureHealth, a leading healthcare platform in the Middle East, has raised a total of AED 3.62 billion ($986 million) in its debut initial public offering (IPO) at Abu Dhabi Securities Exchange (ADX) which was oversubscribed 483 times in the retail tranche and 54 in the professional subscribers tranche.

This listing also marks the 6th IPO on ADX this year thus taking its 2023 total to $5.57 billion.

PureHealth joins a growing group of both local and global healthcare service providers on ADX, demonstrating the exchange’s role as a hub for healthcare investments and providing opportunities for the exchange’s investors to further diversify their portfolios.

The company’s global footprint in the US and the United Kingdom reflects the growing internationalization of ADX and highlights ADX’s active role in augmenting Abu Dhabi’s economic growth and diversification, said a top official.

On the solid response, Founder and Managing Director Farhan Malik said: “PureHealth’s listing on ADX has surpassed IPO records on the exchange, making this a significant milestone in our journey. As the largest integrated healthcare platform in the Middle East, we are proud of the role we continue to play in shaping the healthcare sector for Abu Dhabi and beyond.”

“We will continue to transform healthcare, in line with the vision of Abu Dhabi’s leadership, together delivering accessible, world-class healthcare backed by the latest in AI technology and supported by continued public and private sector collaboration,” he stated.

“PureHealth is now becoming into a healthcare equity platform where our focus will be on international expansion. This listing will further support our equity growth story by enabling us in taking the organization from Abu Dhabi to the World,” he added.

Welcoming its listing, ADX Chief Executive Officer Abdulla Salem Alnuaimi said: “We look forward to their invaluable contribution towards the healthcare services sector in the UAE and beyond. This year, we have witnessed strong investors’ interest and participation towards the various dynamic listings and initiatives on the ADX platform.”

“We aim to continuously strengthen our market infrastructure and trading offerings and investment services to enable more local and global companies to achieve their capital raising and investment ambitions. At ADX, we are committed to fulfilling Abu Dhabi’s economic strategy and expanding the sustainable growth and development of capital markets in the UAE and wider Middle East region,” he added.