- Shares of Burjeel Holdings, an Abu Dhabi-based hospital operator, rose 15.5% on its first day of trade after the business raised AED1.1B ($299.49M) from the sale of an 11% stake through a public market offering. It sold more than 550.7 million shares at the lower end of its offer share price of AED2.
- The company, which trades under the ticker name "BURJEEL," soared to AED2.39, and is now valued at over AED12.44B ($3.4B) while shares had finished at AED2.31, 16% over their initial listing price.
- The firm proposes to start paying cash dividends in 2023, depending on the required investment for future growth goals, on the estimated premise of a payout ratio of 40% to 70% of net income.
Why it matters
There have been numerous government-owned companies listed in the UAE's burst of IPOs. ADX saw a rise in foreign investment and liquidity in 2021 as a result of new listings. IPOs had increased ADX's market capitalization to AED2.24T as of the end of last week.
