DUBAI, 10th Oct 10 (WAM) -- Burjeel Holdings PLC'S shares hiked 15.5 percent, hitting AED2.310 from AED2.00 on their maiden day of trading today.
The company's Initial public offering (IPO), which raised gross proceeds of more than AED1.1 billion for the offering of 11 percent of the Company’s total issued share capital, attracted total gross demand of more than AED32.0 billion and was 29 times oversubscribed in aggregate.
Burjeel Holdings’ shares were priced at AED2.00, implying a market capitalisation for the Company of AED10.4 billion at the time of listing.
"At the time of listing, Burjeel Holdings is the largest healthcare company trading on ADX," the company said.
The Group intends to pay cash dividends from 2023 onwards, on the expected basis of a pay-out ratio of 40 to 70 percent of net income, dependent on the required investment for additional growth plans.
Founded in 2007 with the opening of LLH Hospital in Abu Dhabi and with a vision to ensure accessible, affordable and high-quality healthcare to all segments of society in the UAE, Burjeel Holdings now operates an integrated healthcare network of 61 assets, including 16 hospitals and 23 medical centres across primary, secondary, tertiary and quaternary care, with its expansion into the Kingdom of Saudi Arabia commencing shortly.