Amanat Holdings (“Amanat”), a public joint stock company under formation, announced today that its AED 1.375 billion Initial Public Offering (IPO) was nearly 10 times oversubscribed, with over 3,650 individual investors applying for shares in the region’s largest integrated healthcare and education company.
Amanat collected more than AED 13.6 billion in total during its 16-day IPO. Shares have been allocated proportionately to subscribers and excess funds are due to be returned to investors on November 11, 2014. Amanat is scheduled to list on the Dubai Financial Market (DFM) in late November 2014.
Faisal Bin Juma Belhoul, Chairman of the Board of Amanat, said: “I express my sincere thanks to our investors for making the Amanat IPO one of the most successful offerings of its kind in the region. Informed investors have clearly recognised that Amanat offers uniquely efficient access to the high-growth, non-cyclical and socially responsible healthcare and education sectors.”
Amanat was founded by a group of 37 prominent local and international investors with a mandate to utilise its total capital of AED 2.5 billion to establish, acquire and incorporate companies working in the healthcare and education sectors, and develop, manage and operate these companies within the GCC.
The company’s value creation model is based on three main platforms. First, Amanat will transform established growth companies through the implementation of value creation initiatives and funding support (approximately 70 per cent of deployed capital). Second, it will develop and fund infrastructure projects related primarily to the expansion needs of these
companies (approximately 25 per cent of deployed capital). Third, it will create new companies built on proven business models, bringing specialist know-how into the region through partnerships with leading international providers to address supply or quality gaps (approximately 5 per cent of deployed capital).