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Tue 30 Sep 2014 01:28 PM

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Amanat Holdings says to launch IPO on Dubai's DFM

Healthcare and education group says it aims to raise $374m to make acquisitions, set up partnerships

Amanat Holdings says to launch IPO on Dubai's DFM

Healthcare and education group Amanat Holdings on Tuesday announced plans to launch an IPO on the Dubai Financial Market.

The public joint stock company with a proposed capital of AED2.5 billion ($680 million), said the IPO will create the largest integrated healthcare and education company in the GCC.

The subscription period of the IPO is anticipated to open next month.

Amanat, founded by a group of 37 local and international investors, plans to raise AED1.375 billion at an offer price of AED1 per share, representing 55 percent of total share capital, the company said in a statement.

Collection of founders’ subscriptions for 1.125 billion shares at a price of AED1 per share plus offering costs, representing 45 percent of total share capital, has been completed, it added.

Amanat said it will use its total capitalisation of AED2.5 billion to establish and incorporate companies working in the healthcare and education sectors, and develop, manage and operate these companies within the GCC.

Amanat will deploy 95 percent of its capital on acquisitions and partnership with existing or under development companies, and use 5 percent of capital to establish new ventures.

Faisal Bin Juma Belhoul, chairman of Amanat, said: “We have reached a pivotal moment for healthcare and education in the GCC, with a clear need for a company with the resources and expertise necessary to bridge the quality and supply gap presently facing the sectors.

"Amanat fulfils this need and will leverage its unique scale and extensive networks to partner with governments, companies and entrepreneurs to positively transform healthcare and education services for generations to come.”

Khaldoun Haj Hasan, CEO of Amanat, added: “We will work alongside governments to improve the provision of healthcare and education services in the region. Moreover, Amanat will be a source of both capital and expertise to GCC healthcare and education companies seeking to realise their full potential, and to investors searching for efficient exposure to these high growth sectors.”

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