The leading private healthcare services provider in the MENA region, Burjeel Holdings has revealed the offer price range and the opening of the subscription period for its Initial Public Offering (IPO) on the Abu Dhabi Securities Exchange (ADX).
the subscription period for the offering begins on 30 September and will continue until 4 October 2022 for the first tranche (offering to individual subscribers and other investors in the UAE, (the UAE retail offering) and the second tranche (Professional Investors).
The price range for the Offering has been set between $.54 (AED2.00) to $.66 (AED2.45) per share, implying an equity value of $2.7 billion to $3.3 billion.
The final offer price will be revealed on 5 October with the listing of the shares to trading on ADX expected to happen on 10 October, subject to approvals to list and trade on the exchange.
Existing shareholders would be selling 350,331,555 shares representing 7 percent of the company’s issued share capital, with priliveges to amend the size of the offering and the size of any tranche at any time before the end of the subscription period, subject to applicable laws and the approval of the Securities and Commodities Authority (SCA).
The offering also includes 200,397,665 new shares to be issued by the company, representing 4 percent of the company’s issued share capital.
Assuming all the shares offered are sold, the size of the offering will be approximately $300 million to $368 million.
First share allotments will be notified to first tranche subscribers on 8 October with a refund of surplus investments and dispatch of allotment letters commencing from 10 October.
