The shares of Abu Dhabi healthcare provider Burjeel Holdings surged as much as 20 percent above the listing price on Monday as the company made its debut on the Abu Dhabi Securities Exchange (ADX).
The company‘s shares jumped to 2.39 dirhams in early trading on the ADX, giving it a market value of more than 12.44 billion dirhams ($3.4 billion).
The company sold more than 550.7 million shares at the lower end of its offer share price of Dh2, raising more than 1.1 billion dirhams from an 11 percent stake sale in the company’s initial public offering (IPO).
The IPO drew strong demand from investors in the UAE and the region and was more than 29 times oversubscribed. Total gross demand was more than 32 billion dirhams.
VPS Healthcare Holdings will continue to own a 70 percent stake in the company after today’s listing.