Hospital operator Burjeel aims to raise $300 mln-$368 mln from Abu Dhabi listing

DUBAI, Sept 30 (Reuters) – Abu Dhabi-based Burjeel Holdings set a price range of 2 to 2.45 dirhams ($0.5446 to $0.6671) a share for its initial public offering (IPO) that opened for subscription on Friday, valuing the hospital operator at $3.3 billion at the top end.

The selling shareholder expects to sell more than 350 million shares, or 7% of Burjeel’s issued share capital, in addition to more than 200 million new shares, or 4% of its issued share capital, Burjeel said in a statement.

Burjeel Holdings could raise between $299.90 million and $367.38 million based on the price range.

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The subscription period for the IPO will continue until Oct. 4 for a first tranche being offered to retail investors and a second tranche targeting professional investors.

The final share price is expected to be announced on Oct. 5 and the shares are expected to begin trading on the Abu Dhabi Securities Exchange on Oct. 10.

JPMorgan Securities is capital markets adviser to Burjeel and selling shareholder for the IPO.

($1 = 3.6727 UAE dirham)

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Reporting by Yousef Saba; Editing by Rashmi Aich

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