Healthcare giant PureHealth’s AED 3.62 bn IPO closed with over AED 265 bn in orders, according to a press release. The institutional portion of the offering was 49x oversubscribed, while the retail portion closed on Monday at a 483x oversubscription rate.

Share price set:The ADQ-owned company has priced its IPO at AED 3.26, putting it on course to raise AED 3.62 bn (USD 986 mn) from its share sale on the ADX.

ICYMI: PureHealth is offering a 10% stake (1.11 bn shares) on the ADX, scheduled for trading next Wednesday, 20 December. Each share is being offered at AED 3.26, valuing the transaction at AED 3.62 bn.

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

Advisors:FAB is the lead manager and lead receiving bank of the IPO, with WIO Bank and Al Maryah Community Bank acting as supplementary receiving banks. International Securities was appointed as the lead placement agent.

More on PureHealth: Majority owned by ADQ, PureHealth is a Middle East healthcare giant operating the UAE’s largest integrated healthcare network. The company has over 25 hospitals, 100 clinics, diagnostic centers, health ins. products and pharmas under its belt.

Scaling PureHealth’s IPO: PureHealth’s offering is the second largest in the UAE this year, with ADNOC Gas coming in at first place with its USD 50 bn IPO. The IPO’s retail demand matches that of the recent Dubai Taxi IPO, which was oversubscribed more than 130x.

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