HomeFinancial MarketsUAE's Burjeel Holdings Seeks Local Investors For IPO

UAE’s Burjeel Holdings Seeks Local Investors For IPO

Abu Dhabi-based hospital operator Burjeel Holdings is looking to secure funding from local investors for its initial public offering, two sources close to the matter confirmed. While initially intent on seeking foreign investment, the company decided to source funds locally after Abu Dhabi’s International Holding Company (IHC) acquired a 15% stake earlier in the week.

Prior to its strategic shift, Burjeel Holdings planned to market its IPO to US investors, with JPMorgan and Egypt-listed EFG-Hermes both expressing interest before deciding to withdraw from the transaction.

The IHC revealed in a regulatory disclosure on Monday that the purchase of a stake in Burjeel Holdings would help to diversify its healthcare holdings in the local market as well as internationally.

Burjeel Holdings owns a network of 61 medical centers and other operating assets, including 39 hospitals across the Middle East and India. Burjeel’s parent company, VPS Healthcare LLC, announced in August to expand its healthcare operator’s operations into Saudi Arabia. This would include a $1 billion investment by 2030 through joint ventures and public-private partnership models.

Initially, Burjeel Holdings planned to go public with a listing on the London Stock Exchange in 2019, however, uncertainty stemming from the UK’s exit from the European Union convinced the company to scrap this plan.

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