After PureHealth and Saudi Avalon Pharma IPOs, will more GCC healthcare businesses take same route?

Dubai: UAE’s healthcare holding company PureHealth has just signed off on Dh16.3 billion in 2023 revenues. It’s first results after a stellar IPO – whose retail trance was oversubscribed 483 times – in December last.

In Saudi Arabia, Avalon Pharma, which is into producing generic medicines, met with a solid response for its own IPO, with a subscription coverage of 54.27 times and demand hitting SR2.67 billion. (The IPO had set the cap at SR1.64 billion.)