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

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.

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