Burjeel Holdings IPO

Burjeel Holdings is a leading MENA private healthcare services provider known for its quality and clinical excellence, operating an integrated network of hospitals and medical centers across the UAE and Oman.

How To Subscribe

Our

Story

On 12 September 2022, Burjeel Holdings announced its intention to float on the Abu Dhabi Securities Exchange (ADX). This section of our website, Our IPO, contains more information about our business, our planned Initial Public Offering (IPO) and the steps you need to take to participate in the IPO. Founded in 2007, Burjeel Holdings is a leading MENA private healthcare provider, operating as an integrated network across primary, secondary, tertiary and quaternary care. With a network of 39 hospitals and medical centers, Burjeel Holdings is the largest private healthcare provider in the UAE by numbers of beds and number of doctors employed. Burjeel Holdings has an in-patient market share of approximately 17%¸the leading position in the UAE, and an out-patient market share of approximately 12%. Burjeel Holdings had a total bed capacity of 1,316 beds as at 30 June 2022. Across our healthcare brands, Burjeel, Medeor, LLH, Lifecare and Tajmeel, Burjeel Holdings treated 105,000 in-patients and 4.3 million out-patients in 2021.

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Key Milestones in Our Growth

2015

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2018

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2021

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2016

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2019

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2022

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Investment

Hightlights

Burjeel Holdings provides a comprehensive healthcare ecosystem to patients across the full socio-economic spectrum under the Burjeel, Medeor, LLH, Lifecare and Tajmeel brands, each of which is positioned to serve a different target market demographic.

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Key

Metrics

as of 15 July 2022

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$0M

USD

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$0M

USD

Retal in Numbers

0K+

Healthcare Facilities

0K+

Pharmaceutical Products

0K+

EMS & Ambulance Flete

0K+

Onsite Medical Clinic

Leadership

Leadership

Dr. Shamsheer Vayalil is the Founder and CEO of Burjeel Holdings, the leading healthcare provider in the UAE. An entrepreneur and philanthropist, Dr. Shamsheer set up the first hospital, LLH Hospital, in Abu Dhabi in 2007 to address a gap in top-quality tertiary care in the UAE. In the last 15 years, Dr. Shamsheer has tirelessly worked to build one of the largest and most dynamic healthcare companies in the Gulf and the Middle East. Through Dr. Shamsheer’s vision and strategy, Burjeel Holdings swiftly expanded into diverse brands comprising hospitals, medical centers, homecare and occupational health, and retail pharmacies. During the COVID-19 pandemic, Dr. Shamsheer and Burjeel Holdings have been at the forefront of mobilizing advanced healthcare protocols and conducting PCR tests across the UAE, Oman, and India. Under his leadership, Burjeel Holdings has conducted more than 2 million PCR tests, administered over half a million vaccines, and treated over 10,000 in-patients across the UAE and Oman for COVID-19. As the medical partner for the Indian Premier League in 2020 and 2021, and the T20 World Cup in the UAE, Burjeel Holdings successfully maintained the bio-bubble during the tournaments. Dr. Shamsheer has received numerous global and local awards for his continuous pursuit of excellence in developing healthcare, philanthropy, and entrepreneurship across the region. He is the recipient of the Pravasi Bharatiya Samman Award, India’s highest civilian award presented to Non-Resident Indians, and is among the first investors to receive a long-term residency in the UAE and Oman. Dr. Shamsheer is a member of the UAE Medical Council and a member of the advisory committee of the University of Sharjah College of Medicine. Born in Kozhikode in the south Indian state of Kerala, Dr. Shamsheer pursued an MBBS and MD in radiology in India. Growing up in a family environment in his native Kerala, Dr. Shamsheer attributes his inclination for philanthropy to the value system fostered by his parents, where doing charity is an inherent part of the family. He hopes his philanthropic efforts will make a deep impact on public health globally and inspire other young entrepreneurs to follow suit.

Sustainability

“Driven by our pursuit to deliver high-quality and accessible healthcare, we have placed sustainability at the heart of our decision-making framework. We continually strive to enhance the positive impact of our operations and deliver long-term value for all our stakeholders.” – By Dr. Shamsheer Vayalil, Chief Executive Officer and Executive Director.

Burjeel Holdings is committed to improving its ESG performance, implementing initiatives and making investments that elevate the performance of its businesses, while reducing environmental impacts, adding value to its communities and employees, and ensuring strong governance across the business.

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IPO

Timeline

2015

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2018

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2021

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2016

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2019

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2022

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Frequently Asked

Questions

Burjeel Holdings is one of the leading regional private healthcare service providers in the UAE and Oman, operating as an integrated network across primary, secondary, tertiary and quaternary medical care services. It provides a comprehensive healthcare ecosystem to patients across the full socio-economic spectrum through its four key market leading brands, Burjeel, Medeor, LLH and Lifecare. The Group consists of a fully-funded network of 16 hospitals, 23 medical centres (including polyclinics and specialty medical centres with dental, cosmetic, homecare services, a specialised orthopaedics centre and IVF centres) and 15 pharmacies, as well as seven entities conducting allied services such as central procurement (e.g., GPO), revenue management, centralised diagnostics, central warehousing and patient valet parking services. Leveraging its clinical expertise and strengths in research and development, the Group will also provide medical education and research through its College of Medicine at BMC, beginning in 2023.

Burjeel Holdings provides a comprehensive healthcare ecosystem to patients across the full socio-economic spectrum through its five brands, Burjeel, Medeor, LLH, Lifecare and Tajmeel.

Burjeel Holdings’ growth strategy is focused on a number of key areas: Ramping up of growth assets The Group intends to increase patient volumes in its medium-growth and high-growth assets, and its existing mature assets by increasing in-patient capacity utilization, introducing new services, and enhancing infrastructure which, together with increased out-patient capacity utilization, offers a significant upside. Increasing patient yield In addition to expanding the range of services provided at its medical facilities, the Group also intends to optimize the utilization and revenue-generating capabilities of its existing services and facilities, by increasing in-patient capacity focused on complex cases, thereby maximizing patient yield. The Group will also continue to develop and enhance its complementary long-term care and rehabilitation services that are provided through Burjeel Darak and its central diagnostics and radiology services through Co-Lab. Operational excellence Since its inception, the Group has invested in its systems and controls, centralisation of services and upgrades of the digital capabilities to ensure that they drive best practice across its operations and support the continued delivery of high-quality services. Additionally, the Group is developing initiatives to further enhance efficiencies through projects such as centralised radiology and ICU command centres, as well as integration of key services, creation of a sub-specialty pool and standardisation of protocols. Geographic expansion In addition to continued organic growth, the priority for the Group is to take a disciplined approach for future endeavours and deployment of capital expenditure over the next five years. The Group’s international expansion strategy will be based on either serving primary and tertiary care needs or providing ancillary support functions by entering into joint ventures, partnerships and similar arrangements with strong, local partners. In support of this strategy, on 23 August 2022, the Group signed a non-binding memorandum of understanding with the KSA’s Ministry of Investment (“MISA”) to partner and collaborate with KSA institutes and healthcare organisations and invest up to U.S.$1 billion by 2030 as part of the KSA’s ‘Vision 2030’ to establish and expand various healthcare offerings across the KSA.

The Group has a track record of strong financial performance and consistent growth that has been driven by its ramp-up of assets launched in recent years and supported by its focus on treating a higher-end patient mix and cost optimisation. For the years ended 31 December 2019, 2020 and 2021, the Group’s revenue was AED 2,420.5 million, AED 2,605.2 million and AED 3,351.0 million, respectively, representing a CAGR of 17.7 per cent. The growth in the Group’s revenue was organic and largely driven by the ramp-up of Burjeel Medical City (BMC), Burjeel Hospital, Abu Dhabi and Medeor 24x7 Hospital, Abu Dhabi and supported by the focus on a higher-end patient mix, such as Thiqa patients at Burjeel facilities and middle-income patients at Medeor facilities. For the years ended 31 December 2019, 2020 and 2021, the Group’s EBITDA was AED 417.9 million, AED 470.2 million and AED 779.1 million, respectively, representing a CAGR of 36.5 per cent. For the six months ended 30 June 2022, the Group had revenue of AED 1,898.4, EBITDA of AED 414.2 million, and net profit of AED 152.9 million. .    

You will need to discuss this with your investment / financial advisor. Having said that, Burjeel Holdings believes it has competitive strengths that make it a compelling investment story, which are described in greater detail in the prospectus document. Key Strengths
  • Unique vision and strategy focused on quality and clinical excellence
  • Large, attractive and resilient growth markets
  • Leading healthcare services platform in the UAE with unmatched patient offering and diversification
  • Highly scalable platform focused on operational excellence and sustainability
  • Primed to deliver strong / predictable growth, recurring revenue and profitability
For further information and before making any investment decision, please read the Prospectus found on the IPO microsite including the “Investment Risks” section.  

The Company’s ability to pay dividends is dependent on a number of factors and there is no assurance the company will be able to pay dividends or, if a dividend is paid, what the amount of such dividend will be. Subject to the paragraph above, the Company intends to pay cash dividends from 2023 onwards, on the expected basis of a pay-out ratio of 40 to 70 per cent. of net income, dependent on required investment for additional growth plans. In the absence of any attractive investment opportunities that meet the Group’s investment criteria and return thresholds, the Group will distribute dividends at the upper end of the pay-out ratio range or potentially higher. The first interim dividend is expected to be paid in the second half of 2023 on the basis of net income for the first half of 2023. Any dividends are expected to be paid in cash. Please see the Prospectus for further detail.

Under the share offering, Burjeel will issue new shares and the existing majority shareholder will sell shares. The Company intends to use the net proceeds from the issue of the New Shares to pay certain of the Group’s indebtedness and for general corporate purposes. In addition, the Company intends to use approximately AED 1,733.0 million of the proceeds from the sale of the Sale Shares (which amount will be remitted by the Settlement Manager to the Company on the Closing Date in settlement of the Selling Shareholder Payable (as defined below) to pay certain of the Group’s outstanding indebtedness Any remaining net proceeds from the sale of the Sale Shares by the Selling Shareholder after the settlement of the Selling Shareholder Payable will be for the sole benefit of the Selling Shareholder. The Offering will provide the Selling Shareholder with an opportunity for a partial realisation of its shareholding in the Company.

The offering comprises up to 1,950,000,000 shares split into two tranches. The First Tranche of the offering will be open to individual subscribers and other investors who do not qualify as Professional Investors. A NIN with ADX and bank account number in the UAE is required for applying for shares. The Second Tranche of the offering will be open to Professional Investors. A NIN with ADX is required however a bank account in the UAE is not required.  

Subscriptions will open on 26 September 2022, with retail investor subscriptions closing on 6 October 2022, and professional investor subscriptions closing on 7 October 2022. The final offer price announcement will be made on 10 October 2022.

Please visit the dedicated section on the Burjeel Holdings IPO webpage ‘How to Subscribe’ for information on how to apply for shares through the receiving banks or ADX e-IPO portal.

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