Burjeel Holdings confirms its intention to offer approximately 550,729,221 shares, representing 11% of issued share capital, in an Initial Public Offering (“IPO”) and to list its shares on the Abu Dhabi Securities Exchange
The price range 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 subscription period for the offering starts today and runs until Tuesday 4 October 2022 for both Retail and Professional Investors
The final offer price will be determined through a book building process and is expected to be announced on 5 October 2022
Listing of Shares and trading on ADX (“Listing”) is anticipated on Monday 10 October 2022

Abu Dhabi, 30 September 2022: 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”) andreferred to as (“First Tranche Subscribers”) and;
“Professional Investors” as defined in the SCA Board of Directors’ Chairman Decision No.13/R.Mof 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.

—ENDS—

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INVESTOR / ANALYST ENQUIRIES

Burjeel Holdings
Chetan Sehgal +971 56 682 0515

MEDIA ENQURIES
Teneo
Andy Parnis +971 58 581 495
Stephen Smith +971 58 546 1588

LEAD MANAGER
Dubai Islamic Bank PJSC

LEAD RECEIVING BANK
First Abu Dhabi Bank PJSC

FINANCIAL ADVISOR
International Securities L.L.C.

DISCLAIMERS

This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any shares or any other securities nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with or act as an inducement to enter into, any contract or commitment whatsoever. Investors should not purchase any shares referred to in this announcement except on the basis of information in the Prospectus to be published by Burjeel Holdings in due course in connection with the proposed admission of the Shares to listing and trading on the ADX. The IPO and the distribution of this announcement and other information in connection with the IPO in certain jurisdictions may be restricted by law and persons into whose possession this announcement, any document or other information referred to herein comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

In particular, this announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person in the United States, Australia, Canada, the United Arab Emirates or Japan, or in any jurisdiction to whom or in which such offer or solicitation is unlawful. The securities referred to herein may not be offered or sold in the United States and the offer and sale of the securities referred to herein has not been and will not be registered under the U.S. Securities Act of 1933 or under the applicable securities laws of the United States, Australia, Canada or Japan. There will be no public offer of the securities in any jurisdiction other than the UAE. Copies of this announcement are not being, and should not be, distributed in or sent into the United States, Australia, Canada or Japan.

This announcement does not constitute a recommendation concerning the IPO. The price and value of securities and any income from them can go down as well as up and you could lose your entire investment. Before purchasing any securities in Burjeel Holdings, persons viewing this announcement should ensure that they fully understand and accept the risks which will be set out in the Prospectus prepared for the IPO, when published. There is no guarantee that the IPO will take place and potential investors should not base their financial or investment decisions on the intentions of Burjeel Holdings, the Selling Shareholder or any other person in relation to the IPO at this stage. Potential investors should consult a professional adviser as to the suitability of the IPO for the person(s) concerned.

This announcement contains “forward-looking” statements, beliefs or opinions, including statements with respect to the business, financial condition, results of operations, liquidity, prospects, growth, strategy and plans of Burjeel Holdings, and the industry in which Burjeel Holdings operates. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company’s control and all of which are based on the Company’s current beliefs and expectations about future events. Forward looking statements are sometimes identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “will”, “could”, “should”, “shall”, “risk”, “intends”, “estimates”, “aims”, “plans”, “predicts”, “continues”, “assumes”, “positioned” or “anticipates” or the negative thereof, other variations thereon or comparable terminology or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts and involve predictions. Forward looking statements may and often do differ materially from actual results. They appear in a number of places throughout this announcement and include statements regarding the intentions, beliefs or current expectations of the directors or Burjeel Holdings with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company’s business, concerning, amongst other things, the results of operations, financial condition, prospects, growth and strategies of Burjeel Holdings and the industry in which it operates.

No assurance can be given that such future results will be achieved; actual events or results may differ materially as a result of risks and uncertainties facing Burjeel Holdings. Such risks and uncertainties could cause actual results to vary materially from the future results indicated, expressed or implied in such forward-looking statements. The forward-looking statements contained in this announcement speak only as of the date of this announcement. Burjeel Holdings, the Selling Shareholder and their respective affiliates expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this announcement to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law.

J.P. Morgan is not participating in, or managing, any aspect of the Offering (including, without limitation, marketing to investors, the related book-building process, the preparation and publication of the Prospectus (including with respect to the truth, accuracy, completeness or fairness of any information or opinions in such document (or whether any information has been omitted therefrom)), the provision of underwriting services or receiving any part of the subscription monies payable under the Offering).

None of J.P. Morgan or any of its affiliates, or any of their respective directors, officers, employees, advisers, agents, accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the truth, accuracy, completeness or fairness of the information or opinions in this announcement (or whether any information has been omitted from this announcement) or any other information relating to Burjeel Holdings or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith. J.P. Morgan Securities plc is authorised by the Prudential Regulatory Authority and regulated by the Financial Conduct Authority and the Prudential Regulatory Authority in the United Kingdom.

J.P. Morgan is acting exclusively for the Company and the Selling Shareholder and no-one else in connection with the Offering. It will not regard any other person as its client in relation to the Offering and will not be responsible to anyone other than the Company and the Selling Shareholder for providing the protections afforded to its clients, nor for providing advice in relation to the Offering, the contents of this announcement or any transaction, arrangement or other matter referred to herein.

Announcement of offer price range and opening of subscription period for Initial Public Offering (IPO) in the UAE Only