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Abu Dhabi's Burjeel Holdings IPO receives strong demand, oversubscribed 29 times

Khaleej Times logo Khaleej Times 05/10/2022 A Staff Reporter
File photo © Provided by Khaleej Times File photo

Burjeel Holdings announced on Wednesday the completion of the bookbuild and public subscription process for its initial public offering on the Abu Dhabi Securities Exchange.

The offering size is confirmed at 550,729,221 ordinary shares, equivalent to 11 per cent of Burjeel’s total issued share capital. The final offer price for its shares has been set at Dh2, resulting in gross proceeds of approximately Dh1.1 billion.

The offering saw significant demand from investors in the UAE and the region, and closed multiple times oversubscribed. Total gross demand amounted to over Dh32 billion, implying an oversubscription level of 29 times.

Dr. Shamsheer Vayalil Parambath, Founder and Chairman of Burjeel Holdings PLC, said: “I am delighted to welcome our new shareholders to Burjeel Holdings. The strong demand for the IPO which was 29 times oversubscribed reflects the high-quality investment opportunity provided by Burjeel Holdings, built around our clear clinical vision and our strong growth trajectory in the MENA region. The offer price reflects our desire to prioritize a supportive aftermarket performance post-listing and we are delighted that Burjeel Holdings will be one of the largest private healthcare companies on ADX once listed. The success of the offering is also due to the supportive Abu Dhabi ecosystem and will help further diversify the local capital markets.”

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