Pure Health is in the process of merging with Abu Dhabi Health Services (SEHA)
DUBAI- Abu Dhabi conglomerate International Holding Co (IHC) IHC.AD plans to list its Pure Health business late in the second quarter of this year or early in the third, IHC's chief executive said on Friday.
Pure Health, which has played a major role in screening for COVID-19 infections in the United Arab Emirates, is in the process of merging with Abu Dhabi Health Services (SEHA) following a deal announced last month.
"That integration is in a process ... then we want to go to the market," IHC CEO Syed Basar Shueb told Reuters in an interview.
"We are looking for an IPO this time. But it all depends on the situation and the interest of the investors," he said.
Multiply Group, another IHC subsidiary, listed directly on the Abu Dhabi Securities Exchange in December. Direct listings allow companies to list on the stock market without a traditional and more costly initial public offering.
Shueb said it was initially planned as an IPO. "We chose the easier route at the end because the net effect is (the) same and we get the same investor pool."
"This time we might go pre-IPO round of a private placement and then go for an IPO. We're exploring our options" for Pure Health, he said. He added that IHC would float 25-30% of Pure Health it decides on an IPO.
Chimera Capital, owned by Royal Group, is advising on Pure Health's planned listing, Shueb said.
He said investment company Royal Group, which also owns nearly 74% of IHC, is owned by Sheikh Tahnoun bin Zayed Al Nahyan.
Sheikh Tahnoun is the United Arab Emirates' national security adviser and a brother of the country's de facto ruler, Crown Prince Mohammed bin Zayed.
IHC, one of the most valuable companies on Abu Dhabi's ADX, on Friday said 2021 net profit jumped 275% year over year to 11.3 billion dirhams as revenues soared 303% to 28.4 billion dirhams, both mainly driven by acquisitions.
Shueb said the profit would be used for further acquisitions. Turkey and Egypt are among the countries where IHC is looking for opportunities, he said.
"We are targeting this year 2022, at least, a bottom line of 17 billion (dirhams)," Shueb said, providing IHC's first profit forecast.
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