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- Based on the final offer price of AED 2.00 per share, Burjeel Holdings’ market capitalization at listing was AED 10.4 billion, making it the largest healthcare company trading on ADX
- Total gross demand for the Offering amounted to over AED 32.0 billion, implying an oversubscription level of 29 times in aggregate
- The Group intends to pay cash dividends from 2023 onwards, on the expected basis of a pay-out ratio of 40 to 70 per cent of net income, dependent on the required investment for additional growth plans
Abu Dhabi: Burjeel Holdings PLC (“Burjeel” or the “Company” and, together with its subsidiaries, the “Group”), a leading MENA private healthcare services provider, listed today on the Abu Dhabi Securities Exchange (“ADX”), following the completion of its Initial Public Offering (“IPO”).
The IPO, which raised gross proceeds of more than AED 1.1 billion for the offering of 11 per cent of the Company’s total issued share capital, attracted total gross demand of more than AED 32.0 billion and was 29 times oversubscribed in aggregate. Burjeel Holdings’ shares were priced at AED 2.00, implying a market capitalization for the Company of AED 10.4 billion at the time of listing. At the time of listing, Burjeel Holdings is the largest healthcare company trading on ADX.
The Group intends to pay cash dividends from 2023 onwards, on the expected basis of a pay-out ratio of 40 to 70 per cent of net income, dependent on the required investment for additional growth plans.
Founded in 2007 with the opening of LLH Hospital in Abu Dhabi and with a vision to ensure accessible, affordable and high-quality healthcare to all segments of society in the UAE, Burjeel Holdings now operates an integrated healthcare network of 61 assets, including 16 hospitals and 23 medical centers across primary, secondary, tertiary and quaternary care, with its expansion into the Kingdom of Saudi Arabia commencing shortly.
Speaking at the opening bell-ringing ceremony, His Excellency Hisham Khalid Malak, Chairman of ADX, said: “We congratulate Burjeel Holdings on its successful IPO and welcome it to the ADX platform. Burjeel Holdings is an example of how entrepreneurs and companies with a clear vision and commitment to excellence can rise to become leading publicly listed companies. ADX is proud of the role it continues to play in the UAE’s economic diversification efforts, providing companies a platform to reach global investors in a diverse capital market ecosystem.”
Burjeel Holdings Founder and Chairman, Dr. Shamsheer Vayalil Parambath, added: “Today we celebrate our successful offering and listing on ADX in Abu Dhabi, an Emirate so integral to our journey. We’re delighted to see our many years of dedication and commitment culminate in this milestone. Our IPO demonstrates our commitment to helping grow the UAE’s capital markets ecosystem through expanding the UAE economy and private sector, further cementing Abu Dhabi’s role as an attractive destination for investment. That we are here today is testament to the immense passion, perseverance and dedication of our people who, collectively, have built Burjeel Holdings into one of the MENA region’s leading healthcare providers and the largest healthcare company on ADX.”
Listing and trading on ADX commenced at 10:00 AM Gulf Standard Time on October 10, 2022, under the symbol “BURJEEL” and ISIN “AEE01119B224”.
Upon listing, VPS Healthcare Holdings PVT LTD continues to own a majority 70.0 per cent stake in the Company. In September 2022, International Holding Company (IHC), a diversified Abu Dhabi-based conglomerate, announced its acquisition of a 15 per cent stake in Burjeel Holdings PLC in order to scale and diversify its local and regional healthcare investments.
Dubai Islamic Bank PJSC acted as Lead Manager and First Abu Dhabi Bank PJSC acted as Lead Receiving Bank. International Securities L.L.C. acted as Financial Advisor and BHM Capital Financial Services PSC acted as Listing Advisor.
J.P. Morgan Securities plc (“J.P. Morgan”) acted as capital markets advisor to the Company and Selling Shareholder in connection with the Offering.