Pure Health Holding has successfully 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, with trading commencing on July 18, 2024, under the ticker ARDT, according to a press release.
The successful listing of Ardent Health on the NYSE positions Abu Dhabi as a significant investor in the US market, reinforcing the emirate’s role as a hub for innovative healthcare solutions. This milestone also aligns with the Abu Dhabi Economic Vision 2030, enhancing the emirate’s standing in the global healthcare market.
Furthermore, the transaction supports Pure Health’s objectives to create shareholder value through both organic and strategic growth, paving the way for future mergers and acquisitions.
Shaista Asif, Group CEO of PureHealth, stated: “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.”
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 of AED 490.64 million, marking an annual increase from AED 219.11 million.
