Amanat Holdings, a company set up by top local and international investors in the UAE, aims to raise as much as Dh1.375 billion ($374 million) from an initial public offer of shares on the Dubai Financial Market (DFM).

A public joint stock company under formation with a proposed capital of Dh2.5 billion ($680 million), Amanat aims to creating what will be the largest integrated healthcare and education company in the GCC.

The subscription period of the IPO is likely to open in the second half of October, said a company statement.

Amanat will set an offer price of Dh1 per share along with offering costs (Dh0.02 per offer share), representing 55 per cent of total share capital, through a primary listing on the DFM.

The collection of founders’ subscriptions for 1.125 billion shares at a price of Dh1 per share plus offering costs, representing 45 per cent of total share capital, has been completed, said the company in a statement.

Amanat was founded by a group of 37 prominent local and international investors. The five largest shareholders in the company are Rimco Investments with 10 per cent stake ; Osool Asset Management BSC Closed (10 per cent); United Alsaqer Group (5 per cent); Astro AD Cayman (5 per cent) and Capital Investment (4 per cent).

Faisal Bin Juma Belhoul, the chairman of the board of Amanat, said: "We have reached a pivotal moment for healthcare and education in the GCC, with a clear need for a company with the resources and expertise necessary to bridge the quality and supply gap presently facing the sectors."

"Amanat fulfils this need and will leverage its unique scale and extensive networks to partner with governments, companies and entrepreneurs to positively transform healthcare and education services for generations to come," he added.

Amanat, he stated, will be using its total capitalisation of Dh2.5 billion to establish and incorporate companies working in the healthcare and education sectors, and develop, manage and operate these companies within the GCC.

As per the company’s business plan, Amanat will deploy 95 per cent of its capital on acquisitions and partnership with existing or under development companies, and use 5 per cent of capital to establish new ventures.

Belhoul said healthcare spending in the Gulf region was expected to grow at a compound annual growth rate (CAGR) of 10.7 per cent until 2017, while K-12 and higher education student enrolment figures are predicted to expand at a CAGR of 5.2 per cent until 2020.    

CEO Khaldoun Haj Hasan said: “We will work alongside governments to improve the provision of healthcare and education services in the region. Moreover, Amanat will be a source of both capital and expertise to GCC healthcare and education companies seeking to realise their full potential, and to investors searching for efficient exposure to these high growth sectors.”

Ranjit Bhonsle, the chief operating officer, pointed out that the expertise of the Amanat management team was central to the company’s operating model of playing the role of a substantial and active investor.

"It is essential to achieving both a financial and social return for companies and projects in which Amanat will become involved. About 95 per cent of capital will be deployed on acquisitions and partnership with existing or under development companies," he added.-TradeArabia News Service