Middle East healthcare giant PureHealth’s ADX IPO was fully covered on the first day of the offering period, according to a press release. The bookbuilding process will wrap on 11 December for both retail and institutional portions of the offering, with PureHealth expecting its shares to begin trading on 20 December.

The IPO: PureHealth, majority-owned by ADQ, is offering a 10% stake (or 1.11 bn shares) on the Abu Dhabi bourse, according to the prospectus (pdf). The shares are priced at AED 3.26 each, valuing the transaction at a total of AED 3.62 bn, making it the second-biggest listing in the UAE this year.

Who’s selling: Alpha Dhabi Health Holding, IHC Healthcare, Q Health, AH Capital, and Al Ataa Investment.

What does PureHealth do? It has a network of more than 25 hospitals, 100 clinics, multiple diagnostic centers, health ins. products and pharmas, making it the largest integrated healthcare network in the UAE.

ADVISORS- FAB is lead manager, while International Securities is lead placement agent. FAB is also lead receiving bank, while WIO Bank and Al Maryah Community Bank are also receiving banks. Hadef & Partners are IPO legal counsel, Ibrahim & Partners is legal advisor to the lead manager and Ernst & Young is doing audit duties.

It’s IPO season in the UAE: The UAE leads the GCC’s IPO market by value this year, with four IPOs in the first nine months worth a combined value of USD 3.9 bn, Zawya reported previously. Most recently are Dubai Taxi’s USD 315 mn IPO (for which shares begin trading on the DFM today) and crypto miner Phoenix Group, which made its ADX debut earlier this week.

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