The Securities and Commodities Authority of the UAE has approved the application to list and it is expected that trading on ADX will commence in December 2023, subject to regulatory approvals.
The current shareholders in PureHealth are ADQ, the Abu Dhabi-based investment and holding company, by way of a wholly owned subsidiary, Alpha Dhabi Holding (ADX:ADH) and IHC Healthcare Holding LLC, subsidiaries of the Abu Dhabi based conglomerate IHC; as well as International Holding Company, AH Capital and Al Ataa Financial Investment.
PureHealth has consolidated and grown in recent years, with a diverse UAE portfolio encompassing more than 25 hospitals, 100 clinics, diagnostic centres, health insurance solutions, pharmacies, health tech and procurement. PureHealth is also actively expanding its presence globally including the recent acquisition of a 100 per cent stake in Circle Health Group, the UK’s largest independent operator of hospitals.
In May 2023, PureHealth completed its acquisition of Ardent Health Services, the US’s fourth largest private healthcare group, becoming the only Middle East based healthcare provider to directly acquire assets in US hospitals and clinics.
PureHealth is committed to raising standards in healthcare excellence, facilitating the development of cutting-edge healthcare solutions, and advancing the science of longevity.
Hamad Al Hammadi, Chairman of the Board of Directors of PureHealth, said: “Healthcare is a fundamental pillar of any thriving society. 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.
“Testament to the continued dynamism and vibrancy of Abu Dhabi’s capital markets, 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.”
Farhan Malik, Managing Director and Group CEO of PureHealth, said: “We are very pleased to announce our intention to float PureHealth on the Abu Dhabi Securities Exchange. This IPO will enable PureHealth to continue to solidify its position as national champion, expand the depth and geographic reach of groundbreaking innovation for patients, healthcare technology, expansion globally through acquisitions and positioning Abu Dhabi at the forefront of healthcare globally.
“Aligned with the UAE leadership’s vision for a progressive and sustainable society, this IPO will position Abu Dhabi as a frontrunner in the global healthcare landscape. This is a critical milestone for the UAE as PureHealth continues to revolutionise healthcare by deploying health tech platforms and expanding globally, ensuring efforts to deliver the best in healthcare from Abu Dhabi to the world.”
In line with its mission to advance the science of longevity, PureHealth recently launched Pura, an AI-powered app that integrates healthcare information obtained from multiple sources, including real-time monitoring through wearable devices.
PureHealth is planning to take healthcare onto the cloud with the launch of PureNet, its digital health as a service platform, a solution for healthcare providers to expand their digital health services. PureHealth is also focussing on building a global platform that serves patient needs through population health management, while evolving the business of healthcare to cater for future generations.