Burjeel Holdings Plc Announcement of Offer Price Range and Opening of Subscription Period for Initial Public Offering (IPO) In the UAE Only

Burjeel Holdings PLC (“Burjeel” or the “Company” and, together with its subsidiaries, the “Group”), is a leading MENA private healthcare services provider known for its quality and clinical excellence, operating an integrated network of hospitals and medical centers across the UAE and Oman. Today, Burjeel Holdings PLC announces the offer price range and the opening of the subscription period for its Initial Public Offering (“IPO” or the “Offering”) on the Abu Dhabi Securities Exchange (“ADX”).

DETAILS OF THE OFFERING PRICE RANGE

The opening of the subscription period for the Offering commences today, 30 September 2022, and will continue until Tuesday 4 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”), as defined in the SCA Board of Directors’ Chairman Decision No.13/R.M of 2021 (as amended from time to time).

The price range for the Offering has been set between AED 2.00 to AED 2.45 per share, implying an equity value of $2.7 billion to $3.3 billion. The final offer price is expected to be announced on Wednesday 5 October 2022. Listing of the shares to trading on ADX is expected on Monday 10 October 2022.

The Selling Shareholder expects to sell 350,331,555 (three hundred fifty million three hundred thirty-one thousand five hundred and fifty five) shares representing 7 per cent of the Company’s issued share capital, with the Selling Shareholder reserving the right to amend the size of the Offering and the size of any Tranche at any time before the end of the subscription period, subject to applicable laws and the approval of the Securities and Commodities Authority (SCA). The Offering also includes 200,397,665 (two hundred million three hundred ninety seven thousand and six hundred sixty five) new shares to be issued by the Company, representing 4 per cent of the Company’s issued share capital.

Assuming all the shares offered are sold, the size of the Offering will be approximately $300 million to $368 million.

SUBSCRIPTION PROCESS

As formally announced on 24 September 2022, the Offering is available to the following subscribers:

• Individuals and Other Investors in the UAE as defined in the prospectus (“UAE Prospectus”) and referred to as (“First Tranche Subscribers”) and;
• “Professional Investors” as defined in the SCA Board of Directors’ Chairman Decision No.13/R.M of 2021 (as amended from time to time)), referred to as (“Second Tranche Subscribers”).

The final offer price will be determined through a book building process and is expected to be announced on 5 October 2022. The completion of the Offering and Listing is currently expected to take place on 10 October 2022 subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval to Listing and Trading on ADX. Allotment notification to First Tranche Subscribers will be sent on 8 October 2022 and refund of surplus investments and dispatch of allotment letters will commence from 10 October 2022.

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 PLC in order to scale and diversify its local and regional healthcare investments.

J.P. Morgan Securities plc (“J.P. Morgan”) is acting as capital markets advisor to the Company and Selling Shareholder in connection with the Offering.

Details of the Offering are available in the UAE Prospectus. The UAE Prospectus is available at www.burjeelholdings.com/ipo.