Abu Dhabi – Mubasher: Pure Health Holding has concluded the initial public offering (IPO) of its subsidiary Ardent Health Partners on the New York Stock Exchange (NYSE).
Ardent Health offered 14.30 million shares of its common stock at $16 per share and the trading process began on 18 July 2024 under the ticker ARDT, according to a press release.
The successful listing of Ardent Health on the NYSE positions Abu Dhabi as a key investor in the US market and reinforces the emirate’s position as a hub for innovative healthcare solutions.
Furthermore, the transaction aligns with the Abu Dhabi Economic Vision 2030 and backs the emirate’s standing in the global healthcare market.
It also boosts Pure Health’s objectives to create shareholder value through organic and strategic growth and opens avenues for future mergers and acquisitions.
Shaista Asif, Group CEO of PureHealth, said: "We are on a strong growth trajectory forging new paths in healthcare, focusing on innovation and excellence, supported by our international acquisitions and ambitious future plans, and backed by the visionary leadership of Abu Dhabi and the UAE.”
“We remain focused on creating shareholder value through organic and inorganic growth, continuing to build PureHealth as a trusted brand, here in the UAE and globally,” Asif continued.
In September 2022, Pure Health acquired a 26.05% equity stake in Ardent for AED 1.80 billion ($500 million), with regulatory approvals and the transaction completed in March 2023.
Recent acquisitions by the ADX-listed company included the purchase of Circle Health for AED 4.40 billion ($1.20 billion) and Sheikh Shakhbout Medical City for AED 2.20 billion ($600 million).
In the first quarter (Q1) of 2024, Pure Health recorded net profits valued at AED 490.64 million, an annual rise from AED 219.11 million.
