Abu Dhabi healthcare provider Burjeel Holdings raised more than 1.1 billion dirhams ($300 million) from the sale of 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 ($8.7 billion), the company said on Wednesday.
The company sold more than 550.7 million shares at the lower end of its offer share price of 2 dirhams. Burjeel’s market capitalization upon listing is expected to be about 10.4 billion dirhams, making it one of the largest private healthcare companies on the Abu Dhabi Securities Exchange by market value.
Its shares will begin trading on October 10. VPS Healthcare Holdings will continue to own a 70 percent stake in the company after the listing.
The company plans to enter Saudi Arabia, with investments of up to $1 billion through joint ventures and public-private partnerships.
