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DUBAI: UAE-based Amanat Holdings, a health care and education start-up, will launch its AED1.375 billion ($374 million) initial public offer next Monday, it said in a statement.
The offer period for the flotation, in which 55 percent of the company will be sold to investors at AED1 a share, will run until Nov. 4, said the statement.
Credit Suisse and Deutsche Bank are joint coordinators of the IPO, with Emirates Financial Services and National Bank of Abu Dhabi lead managers.
Shuaa Capital is offer manager.
Chairman Faisal bin Juma Belhoul said Amanat will use 70 percent of the funds from the IPO to invest in health care and education, expecting to buy stakes in three to six companies in the next 12-24 months.
He dismissed the concerns about greenfield companies — who use a flotation to raise their initial capital — listing now in the UAE, insisting it had the strategy and experience to match the success of Emaar Properties.
“Emaar was a greenfield company with a creative strategy and vision and is today one of the leading companies in its sector globally, so we are hopeful Amanat can follow similar footsteps in being a pioneer in health care and education in the region and potentially globally,” Belhoul said.