Burjeel Holdings has announced 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 opening of the subscription period for the Offering commences 30th September 2022 and will continue until Tuesday 4th 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 set price range for the Offering has been set and implies an equity value of USD2.7 billion to USD3.3 billion.
The final offer price is expected to be announced on Wednesday 5th October 2022. Listing of the shares to trading on ADX is expected on Monday 10th October 2022.
J.P. Morgan Securities (“J.P. Morgan”) is acting as capital markets advisor to the Company and Selling Shareholder in connection with the Offering.
In September 2022, International Holding Company (“IHC”), a diversified Abu Dhabi-based conglomerate, announced its acquisition of a 15 per cent stake in Burjeel Holdings in order to scale and diversify its local and regional healthcare investments. Assuming all the shares offered are sold, the size of the Offering will be approximately USD300 million to $368 million.
The Offering and Listing is expected to be completed on 10th October 2022 subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval to Listing and Trading on ADX.
Burjeel Holdings legal team is led by general counsel Mustasan Mir (pictured).
Linklaters advised Burjeel Holdings on its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX). The Linklaters cross-jurisdictional team was led by London-based capital markets partner and co-head of the firm’s equities practice Jason Manketo, with support from Dubai-based managing associate Patrick Sutton–Mattocks and London-based US associate Alexandra Kovaliouk.
Clifford Chance has advised Dubai Islamic Bank (as Lead Manager) in connection with Burjeel Holdings’ IPO and listing on ADX. A cross-border team advised on the transaction, jointly led by Dubai-based partner and head of the Middle East equity capital markets practice, Mike Taylor, and London-based US securities partner John Connolly, who were supported by senior associates Rezwan Azam (Dubai) and Christopher Osborne (London), and associates Massimiliano Valli (Dubai) and Rachel Sumption (London).