Healthcare provider Burjeel soars in debut of scaled-down IPO Healthcare provider Burjeel soars in debut of scaled-down IPO
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Healthcare provider Burjeel soars in debut of scaled-down IPO

Healthcare provider Burjeel soars in debut of scaled-down IPO

Burjeel Holdings rose 20 per cent to almost Dhs2.4 in Abu Dhabi

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Healthcare provider Burjeel Holdings surged in its trading debut on Monday, highlighting still-robust demand for listings in Middle Eastern countries against a backdrop of negative global sentiment.

Burjeel Holdings rose 20 per cent to almost Dhs2.4 ($0.65) in Abu Dhabi. Founded by Shamsheer Vayalil and owned by VPS Healthcare, Burjeel is the first privately-owned company to go public in the UAE this year. It operates hospitals and medical centers in the UAE and Oman and is planning an expansion into Saudi Arabia.

Burjeel had offered about 550.7 million shares, representing 11 per cent of the firm. The IPO valued the company at Dhs11.6bn. The firm had priced the deal at the bottom range of Dhs2 a share.

The Middle East has been one of the busiest IPO markets in 2022, a year otherwise marked by stock selloffs and recession fears. Elevated oil prices and investor inflows have helped to drive deals in Dubai, Abu Dhabi and Saudi Arabia, and the pipeline remains busy.

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