UAE – The United Arab Emirates’ healthcare platform PureHealth Holding PJSC intends to proceed with an initial public offering (IPO) before the end of 2023.
PureHealth plans to list its shares on the Abu Dhabi Securities Exchange (ADX) during a specified time following the IPO.
In an official statement, Farhan Malik, Managing Director of PureHealth, divulged: “We are very pleased to announce our intention to float PureHealth on the Abu Dhabi Securities Exchange.”
Farhan Malik highlighted that the upcoming IPO is a critical milestone for the UAE as PureHealth continues to revolutionize healthcare by deploying health tech platforms and expanding globally.
Subject to obtaining regulatory approvals and other relevant considerations, the UAE-based healthcare platform is expected to begin trading on ADX’s growth market as soon as December 2023.
Currently, shareholders in PureHealth are Alpha Dhabi Holding and International Holding Company (IHC) Healthcare Holding LLC, both subsidiaries of the Abu Dhabi-based conglomerate IHC, alongside ADQ, an Abu Dhabi-based investment and holding company, by way of a wholly owned subsidiary.
The long-awaited IPO will enable PureHealth to continue to solidify its position as a national champion, expand the depth and geographic reach of groundbreaking innovation for patients, and its expansion globally through acquisitions.
Aligned with the UAE leadership’s vision for a progressive and sustainable society, this IPO is poised to further position the Emirate of Abu Dhabi as a frontrunner in the global healthcare landscape.
Commenting on PureHealth’s journey of consolidation and growth over the past years, Hamad Al Hammadi, the Chairman of the Board of Directors of PureHealth, highlighted: “Healthcare is a fundamental pillar of any thriving society.”
It is worth highlighting that PureHealth has a diverse portfolio in the UAE encompassing over 25 hospitals, 100 clinics, multiple diagnostic centers, health insurance solutions, pharmacies, health tech, and procurement.
Besides a diverse portfolio, PureHealth is actively expanding its presence globally, including the recent acquisition of a 100 percent stake in Circle Health Group.
The acquisition of Circle Health Group marks an important milestone in the company’s journey towards creating a global healthcare network that revolutionizes patient care.
In May 2023, PureHealth completed another significant acquisition deal, in particular, the company bought Ardent Health Services, which is one of the largest private healthcare groups in the United States of America.
With this deal completion, PureHealth became the only Middle East-based healthcare provider to directly acquire assets in US hospitals and clinics.
These acquisition deals stand as a testament to PureHealth’s commitment to raising standards in healthcare excellence, facilitating the development of cutting-edge healthcare solutions, and advancing the science of longevity.
Commenting on the continued dynamism and vibrancy of Abu Dhabi’s capital markets, Al Hammadi said: “The planned listing would allow PureHealth to claim a position among the world’s leading healthcare groups, benefitting people in an increasing number of countries while reliably leading the way in executing development objectives of our nation.”
With a clear understanding that traditional brick-and-mortar healthcare will be disrupted in the future, PureHealth is also proactively working towards taking healthcare to the cloud.
It comes as no surprise that the UAE-based company has created PureNet, its Digital health-as-a-service platform.
PureNet is specifically tailored to serve as a solution for all healthcare providers through their digitization journey and to expand their digital health services.
In line with its mission to advance the science of longevity, PureHealth also recently launched Pura, an AI-powered super-app that seamlessly integrates healthcare information obtained from multiple sources.
For his part, Al Hammadi stated: “We are confident that the power of innovation and progress, which has brought PureHealth to the cusp of this major milestone, will continue to drive the company forward and effect positive change within the sector.”
Notably, PureHealth is focusing on building a global platform that will not only serve the current patient needs but also look at population health management and evolving the business of healthcare to cater to the next generations to come.