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UAE health firm Burjeel to offer 11% stake in October IPO

A Burjeel hospital Burjeel
VPS Healthcare Holdings will continue to own a majority 70% stake in Burjeel following the listing.

Abu Dhabi-based hospital operator Burjeel Holdings plans to offer an 11 percent stake in an initial public offering on the Abu Dhabi Securities Exchange, the company said in a statement on Monday.

Burjeel will be the first private company to be listed on the Abu Dhabi exchange since 2011.

The company intends to offer about 200.4 million new shares, while the selling shareholder, VPS Healthcare Holdings, plans to sell about 350.3 million existing shares.

VPS Healthcare owns 79.8 percent of Burjeel.

The offering begins on September 30 and closes on October 4. The listing is planned for October 10.

On September 19, Abu Dhabi-based International Holding Company purchased a 15 percent stake in Barjeel.

Founded in 2007, Burjeel Holdings is a private healthcare services provider, with a growing presence in the GCC. It has a network of 39 hospitals and clinics across the Middle East and India.  

Last month, Burjeel CEO Shamsheer Vayalil announced plans to expand into Saudi Arabia and invest SAR 3.75 billion ($1 billion) by 2030.