Burjeel Holdings’ ADX-listed IPO to open on Sept 30

On offer is about 550.7 million shares, representing 11 per cent of the company, according to the issued prospectus.


Sandhya D'Mello

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Published: Sat 24 Sep 2022, 10:49 PM

Last updated: Sat 24 Sep 2022, 10:50 PM

Burjeel Holdings, one of the leading regional private healthcare service providers in the UAE and Oman, announced its intention to list on the Abu Dhabi Securities Exchange (ADX) on Saturday.

On offer is about 550.7 million shares, representing 11 per cent of the company, according to the issued prospectus. The offering will include 350.3 million shares to be sold by VPS Healthcare Holdings, which owns 79.8 per cent of Burjeel. It may be recalled that International Holding Co. bought a 15 per cent stake in Burjeel earlier this week.

The offer period for the First Tranche and the Second Tranche — as described in the prospectus — starts on September 30, 2022, and will close on October 4, 2022. Burjeel will announce the final price on October 5, and the shares are expected to be listed in Abu Dhabi on October 10, the prospectus shows.

With a network of 39 hospitals and medical centres, Burjeel Holdings is a leading healthcare provider in the UAE private market with an in-patient market share of approximately 17 per cent and an out-patient market share of approximately 12 per cent. Founded in 2007, Burjeel Holdings is all set to expand in Saudi Arabia shortly too.

BHM Capital Financial Services PSC has been appointed to be the ‘Listing Advisor of the Company’ and leading banking brands like Dubai Islamic Bank, First Abu Dhabi Bank and International Securities are helping with the offering.

Shamsheer Vayalil Parambath, Chairman, Burjeel Holdings.
Shamsheer Vayalil Parambath, Chairman, Burjeel Holdings.

The First Tranche offer is restricted to individual subscribers and other investors (companies and establishments) who do not participate in the Second Tranche and who have a bank account (except for any person who is resident in the United States within the meaning of the US Securities Act). All First Tranche Subscribers must hold a National Identification Number (NIN) with the ADX. The minimum application size for subscribers in this tranche is Dh5,000 with any additional application in increments of Dh1,000.

The Second Tranche offer will be made pursuant to 90 per cent of the offer shares, representing 495.6 million shares, restricted to ‘professional investors’. The minimum application size for the subscribers in the Second Tranche (Professional Investors) is Dh1 million.

“I am delighted to announce our intention to list on ADX providing a unique opportunity for investors to participate in an Abu Dhabi, UAE, and Mena growth story. Our long-term vision focused on increasing access to quality healthcare and clinical excellence across the region has driven our growth over the past 15 years and today we are one of the leading private healthcare services platforms in the UAE with an unmatched patient offering and diversified portfolio of 16 hospitals, including our flagship facility Burjeel Medical City, and 23 medical centres, across the UAE and Oman,” said Dr Shamsheer Vayalil Parambath, Chairman, Burjeel Holdings.

“Today’s announcement builds on our partnership with IHC which will have a transformative impact for Burjeel Holdings through the addition of new capabilities, capital, and access to new markets. As healthcare expenditure continues to increase across the region, Burjeel Holdings is strongly positioned to benefit through our focus on providing complex, specialised medicine for all socioeconomic groups, through a targeted, multi-brand strategy. Our strength is reflected in our strong and profitable financial performance, where we recorded compound annual revenue growth of 18 per cent between 2019-2021 and EBITDA growth of 37 per cent.”


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