Skip to content Skip to Search
Skip navigation

Shares in Abu Dhabi’s Pure Health surge on bourse debut

By Matt Smith
Pure Health has subsidiaries that run clinics and hospitals, and provide health insurance Pexels/Pixabay
Pure Health has subsidiaries that run clinics and hospitals, and provide health insurance
  • Sold 10% of stock
  • Shares gained 70%
  • Part-owned by ADQ

Shares in Abu Dhabi’s Pure Health gained more than 70 percent on its debut on the UAE capital’s bourse on Wednesday.

The healthcare provider, part-owned by Abu Dhabi sovereign fund ADQ, sold 10 percent of its stock at AED 3.26 ($0.89) per share in an initial public offering that raised AED 3.62 billion ($986 million) earlier this month.

Pure Health’s shares were up 72 percent at AED 5.62 as of 0803 GMT. It was also the most traded stock on Abu Dhabi’s bourse, with nearly 30 million shares changing hands.

The conglomerate made a third-quarter net loss of AED 76.1 million ($20.7 million) as costs and taxes outstripped revenue. That compares with a profit of AED 518.2 million in the prior-year period.

Its subsidiaries include Abu Dhabi Health Services Company, which operates a network of hospitals and clinics in the UAE, and health insurer Daman.

Abu Dhabi’s index rose 0.1 percent to 9,499 points as of 0814 GMT. It is down 6.9 percent in 2023.

Latest articles

A view of Oman's Al Rusayl Industrial City. Manufacturing industries expanded 6.3 percent year on year in Q1 2024

Industrial growth in Oman beats global rate

Oman’s industrial sector expanded by 9.2 percent year on year, ten times faster than the global rate. Production value reached OR951 million ($2.5 billion) in the first quarter of 2024. The sector contributed 10 percent to the Gulf state’s GDP, data from the National Centre for Statistics and Information shows. The basic chemical industries led […]

Aramco and Rongsheng have signed an agreement to potentially expand the facilities at Saudi Aramco Jubail Refinery Company (Sasref)

Aramco and Rongsheng move on chem plant expansion

Saudi Aramco is accelerating plans to expand the liquids-to-chemicals project in Jubail in collaboration with China’s Rongsheng Petrochemical Company. The companies have signed a development framework agreement to potentially expand Saudi Aramco Jubail Refinery Company (Sasref) facilities and increase investments in the petrochemical sectors of both nations. This follows a cooperation framework signed in April, where Rongsheng proposed […]

The Aramco-Bapco pipeline can transport up to 350,00 barrels per day of crude oil

BlackRock buys stake in Saudi-Bahraini oil pipeline

Bahrain’s state-run Bapco Energies has sold a minority stake in an oil pipeline linking Saudi Arabia and Bahrain to a fund managed by US investment bank BlackRock. The BlackRock Diversified Infrastructure fund purchased a stake in the Saudi Bahrain Pipeline Co (SBPC), which owns a section of the 112-km pipeline. It supplies crude oil from […]

Etihad Airways reported a 48% year-on-year rise in net profit to $232m in the first half of 2024

Etihad Airways potential IPO unlikely this year

The possible initial public offering (IPO) of Etihad Airways is unlikely to happen this year, a media report has said. Regional geopolitical instability and a plan to show investors a strong financial performance in 2024 are key factors delaying the IPO launch, Reuters reported, citing informed sources. An Etihad spokesperson said it does not comment […]