UAE-based healthcare services provider Burjeel Holdings has successfully listed on the Abu Dhabi Securities Exchange (ADX) on Monday.
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Dr. Shamsheer, chairman of Burjeel Holdings, and Hisham Khalid Malak, Chairman of the ADX, rang the opening bell to commence trading.
Shares of the group began trading on the ADX under the ticker symbol 'Burjeel'. In the first hour, Burjeel's shares received a good response from the market. While the value per share at the time of listing was AED 2, trading started at AED 2.31 and touched AED 2.40 in the first hour.
Through the IPO, Burjeel Holdings raised gross proceeds of more than AED 1.1 billion for the offering of 11 percent of the company's total issued share capital.
The company had a market capitalisation of AED 10.4 billion at the time of listing, which touched 12 billion as the share price rose. The IPO saw significant demand from investors in the UAE and the region and was over 29 times oversubscribed. Total gross demand was over AED 32.0 billion.
Upon listing on ADX, VPS Healthcare Holdings Private Ltd will continue to own a majority 70 percent stake in the company. Ahead of the listing, International Holding Company (IHC), a diversified Abu Dhabi-based conglomerate, announced its acquisition of a 15 percent stake in Burjeel Holdings.
Burjeel Holdings is the first privately-owned firm to go public in the UAE this year.
Speaking on the occasion, Dr Shamsheer said, "I am delighted to welcome our new shareholders to Burjeel Holdings. The offer price reflects our desire to prioritize a supportive aftermarket performance post-listing, and we are delighted that Burjeel Holdings is one of the largest private healthcare companies listed on the ADX."
Malak welcomed Burjeel Holdings to the ADX platform and congratulated the company for its successful Initial Public Offering (IPO). "Burjeel Holdings is an example of how entrepreneurs and companies with a clear vision and commitment to excellence can rise to become leading publicly listed companies," said Malak.