A mixed start for UAE stocks at the beginning of the week, as the Dubai index fell -0.21% to 3973.52 points, with the highest rises being: National International 9.55%, Drake & Scull 6.44%, Aman 3.26%, Emaar Properties 2.29%, Takaful Emirates 2.26%, and Emaar. For development 2.09%.
The largest declines were: Dubai Commercial 5.78%, Emirates Reem 2.63%, Amanat 1.86%, Tabreed 1.58%, and Education 1.56%.
On the other hand, the Abu Dhabi market index rose 0.32% to 8,985.81 points, with trades amounting to 979.31 million dirhams. The highest increase was: BriSight 10.14%, PureHealth 9.29%, Medical Projects 8.94%, Multiplay 6.38%, Data 3.32%.
On the other hand, the decliners were the largest: Baldco 10%, Sharjah Cement 10%, Palms 4.03%, Invictus Investment 2.67%, and Manazel 2.56%.
PureHealth shares jumped 9% to 4 dirhams after news that Ardent, which it owns, is preparing for an initial public offering in the United States. Sources said that Ardent Health Services, a subsidiary of PureHealth, is preparing to launch its initial public offering in July 2024.
This offering aims to raise approximately $400 million, with expectations that Ardent Health Services’ valuation will reach approximately $5 billion. Applications were submitted to register the initial public offering with the US Securities and Exchange Commission, under the management and direction of JPMorgan, which is leading the process.
PureHealth acquired a 26.05% stake in the company’s shares at the end of 2022, worth $500 million, and the value of Ardent Health Services at that time amounted to about $1.9 billion.
With the initial public offering, the company’s value is expected to reach $5 billion, which means that the value of PureHealth’s stake will rise to about $1.3 billion, which reflects significant gains for the PureHealth Group.