The final offer price is expected to be announced on Wednesday, October 5th
Released: Fri 09/30/2022, 08:26 am
Last updated: Fri 09/30/2022 at 08:33
Burjeel Holdings has announced it will offer approximately 550,729,221 shares, representing 11 percent of issued share capital, in an initial public offering (IPO). It will also list its shares on the Abu Dhabi Securities Exchange.
The opening of the offering period begins today, September 30, 2022, and will last until Tuesday, October 4, 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 offer price rage
The price range for the offering has been set between Dh2 and Dh2.45 per share, implying an equity value of between $2.7 billion and $3.3 billion. The final offer price is expected to be announced on Wednesday October 5, 2022. The shares are expected to be listed for trading on the ADX on Monday 10 October 2022.
They expect to sell 350,331,555 shares, representing 7 percent of the Company’s issued share capital, with the selling shareholder reserving the right to vary the size of the offering and the size of any tranche at any time prior to the close of the offering, subject to applicable law and the approval of the Securities and Commodities Authority (SCA).
The offering also includes 200,397,665 new shares to be issued by the Company, representing 4 percent of the Company’s issued share capital.
Assuming all of the offered shares are sold, the offering will be in the range of approximately $300 million to $368 million.
subscription process
The company previously announced that the offer will be open 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 Resolution No. 13/RM of the Chairman of the SCA Board of Directors 2021 (as amended)), hereinafter referred to as the “Second Tranche Subscribers”.
The final offer price will be determined through a bookbuilding process and is expected to be announced on October 5, 2022. The closing of the offering and listing is currently expected to occur on October 10, 2022, subject to market conditions and the receipt of relevant regulatory approvals in the United Arab Emirates, including approval for listing and trading on the ADX.
Notice of allocation to applicants for the first tranche will be mailed on October 8, 2022 and reimbursement of excess investments and mailing of award letters will begin on October 10, 2022.
In September 2022, International Holding Company (IHC), a diversified conglomerate based in Abu Dhabi, announced the acquisition of a 15% stake in Burjeel Holdings PLC to scale and diversify its local and regional healthcare investments.
JP Morgan Securities plc is acting as capital markets advisor to the Company and the Selling Shareholder in connection with the Offering.
Details of the offer are available in the VAE prospectus. The UAE prospectus is available at www.burjeelholdings.com/ipo.
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