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UAE’s Burjeel plans to raise $750m from Abu Dhabi listing

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These projects include the establishment of two medical cities, along with providing 900 beds for medical rehabilitation services.
  • Plans dividend payout of 40-70% of net income in 2023
  • Group revenue is expected to grow organically this year

UAE healthcare provider Burjeel Holdings is aiming to raise at least $750 million (AED2.76 billion) from an initial public offering (IPO) in Abu Dhabi this year, Bloomberg reported, citing people familiar with the matter.

The firm is considering a dividend payout ratio of 40 percent to 70 percent of net income from 2023 on listing, depending on its investment requirements at the time, the news agency reported, citing a presentation given to potential investors. The IPO is anticipated to come in the third quarter.

Burjeel’s owner VPS Healthcare LLC has been approaching potential investors, including sovereign and pension funds, to gain support for the deal. More formal group talks and one-on-one meetings are expected to follow.

The company, which operates 39 hospitals and medical centers across the UAE and Oman, expects group revenue growth to be in the mid to high teens this year.

Burjeel is planning an additional cumulative investment of about $163.4 million until 2025 to back international expansion, the news agency reported.