Dubai: The PureHealth IPO has hit the oversubscription point within an hour or so of the opening. The Abu Dhabi holding company for some of the UAE’s biggest healthcare assets comes to market with what is the second biggest IPO of the year by a UAE entity.

“We have seen an overwhelmingly strong demand for the IPO as it is fully subscribed on the opening day,” said Farhan Malik, founder and Managing Director of PureHealth.

“I am incredibly excited to see the strong interest from investors and overall positive reception. The IPO offers investors an attractive value proposition and the chance to be part of PureHealth’s journey, which is in itself a unique opportunity, we are on a strong growth trajectory with our recent international acquisitions and ambitious future plans.

“Following this initial response, we look forward to our listing date with ADX, a significant milestone for PureHealth.”

PureHealth, which eschewed a book building process and set the offer price at Dh3.26, is offering 1.11 billion shares. These make up 10 per cent of the equity capital of the company, valued at Dh3.62 billion.

The subscription phase closes December 11 for retail and professional tranches alike.

Listing of shares on ADX on December 20.