Skip to content Skip to Search
Skip navigation

PureHealth plans to launch IPO on Abu Dhabi exchange

PureHealth has this year acquired Circle Health Group in the UK and Ardent Health Services in the US PureHealth/Seha
PureHealth has this year acquired Circle Health Group in the UK and Ardent Health Services in the US
  • Listing likely in December
  • Expansion in UK and US
  • Sharp fall in Mena IPOs

Healthcare provider PureHealth Holding has announced plans to launch an initial public offering (IPO) on the Abu Dhabi Securities Exchange to fuel its global expansion efforts.

The listing, likely to be in December, is subject to regulatory approvals, the UAE state-run Wam news agency reported.

Existing shareholders are Alpha Dhabi Holding and International Holding Company Healthcare Holding, wholly owned subsidiaries of International Holding Company and ADQ.

The IPO size and financials were not given.

The company’s UAE portfolio comprises of 25 hospitals, 100 clinics, multiple diagnostic centres, health insurance, pharmacies, health tech and procurement.

PureHealth is also expanding its presence globally through the recent acquisition of a 100 percent stake in Circle Health Group, an independent operator of hospitals in the UK.

The company in May acquired Ardent Health Services, the fourth-largest private healthcare group in the US.

Farhan Malik, managing director of PureHealth, said that the IPO would enable the company to expand its healthcare technology offering and its global reach.

The UAE and Saudi Arabia top the list regionally in terms of healthcare spending, with the sector forecast to reach $135 billion by 2027, a report by Alpen Capital said.

The figures imply an annualised growth rate of 5.4 percent from $104 billion last year.

“We anticipate that the region will offer an array of investment opportunities on the back of privatisation initiatives and increasing adoption of technology to create alternative healthcare models,” Sameena Ahmad, managing director of Alpen Capital (ME) Ltd, said.

The PureHealth announcement comes as the number of listings on Middle East and North African stock markets slowed during the third quarter. 

There were six IPOs during the period, raising $523 million in total. This is a 14 percent drop in volume and a 66 percent slump in proceeds compared to a year earlier.

There have been 29 IPOs in the first three quarters of this year, according to EY’s Mena IPO Eye Q3 report. Total proceeds stand at $5.8 billion. This is down 6 percent in volume and 61 percent in funds raised year on year. All the listings are in the GCC.

Latest articles

Opec Secretary General Haitham Al Ghais says peak oil 'is not on the horizon'

Upstream oil and gas ‘needs more annual investment’

Annual capital expenditure for exploration and production in the upstream sector of the oil industry needs to increase by 22 percent by 2030 because of growing demand and cost inflation, experts say. A cumulative $4.3 trillion needs to be invested between 2025 and 2030, according to a report by the International Energy Forum (IEF) and […]

Rothschild Saudi

Edmond de Rothschild to run funding vehicle for Saudi projects

The Edmond de Rothschild Group is establishing a funding vehicle for infrastructure projects in Saudi Arabia along with the local firm SNB Capital, as part of a deal in which the Swiss investment bank will set up offices in the country.  Saudi Arabia’s massive economic diversification programme has run into financial obstacles as it faces […]

Turkey foreign property sales

Foreigners turning back on Turkish real estate

Foreign buyers are increasingly shunning the Turkish property market, wary of high prices, the expensive cost of living and a less welcoming environment for overseas real estate investors. There were only 2,064 residential units sold to foreign buyers in May, 35 percent down on the same month last year, data issued by the state statistics […]

2KEY8G1 Emirates Airline Airbus A380 aircraft landing. Aerial view of Emirates Airlines A380-800 airplane. An Emirates plane coming in to land at LAX; a spokesperson for Emirates said the contraventions were for safety reasons

US fines Emirates for operating in prohibited airspace

Emirates has been fined $1.5 million by the US Transportation Department for operating flights carrying JetBlue Airways’ JBLU.O designator code in prohibited airspace. The transportation department said that between December 2021 and August 2022, Emirates operated a significant number of flights carrying the JetBlue Airways code between the United Arab Emirates and the United States […]