Shares of Pure Health Holding, a healthcare platform in Abu Dhabi, rose by up to 69% above its listing price in its first trading day today, following the raising of nearly one billion dollars in an initial public offering that involved 10% of its total issued capital. Pure Health has played a pivotal role in COVID-19 testing in the UAE, and preparations for its IPO have been underway for years. It is the largest healthcare provider in the UAE and has plans for international growth. Its shares began trading at 5.5 dirhams ($1.50) when the Abu Dhabi market opened, compared to the IPO subscription price of 3.26 dirhams per share.
Pure Health is owned by both the Abu Dhabi Holding Company (ADQ), the Abu Dhabi sovereign wealth fund, and International Holdings Company, which is one of the largest conglomerates in the capital. Both entities are chaired by Sheikh Tahnoun bin Zayed Al Nahyan, the National Security Advisor, and brother of the President of the UAE, Sheikh Mohammed bin Zayed. Previously, subsidiaries of International Holdings Company were listed on the Abu Dhabi Securities Exchange to enhance the market as part of a broader strategy aimed at diversifying the emirate's economy away from hydrocarbons, strengthening capital markets, and stimulating investment.
