Al Noor Hospitals Goes Public

Ithmar Capital said Friday that its portfolio company, Al Noor Hospitals Group, went public on the London Stock Exchange. Abu Dhabi-based Al Noor, a private healthcare service provider, priced its stock at £5.75 per share with a market capitalisation of $1,039 million. After the greenshoe is exercised, Ithmar says it will have a a 25% stake in Al Noor.


London & Dubai, 21 June 2013:  Ithmar Capital (‘Ithmar’), a leading private equity company focused on the Gulf region, is delighted to announce the successful initial public offering (IPO) of its portfolio company, Al Noor Hospitals Group (“Al Noor”), the largest integrated private healthcare service providers in Abu Dhabi, on the London Stock Exchange. Al Noor today announced the pricing of its stock at £5.75 per share with a market capitalisation of $1,039 million.
Faisal Bin Juma Belhoul, Founder and Managing Partner of Ithmar Capital and Non-Executive Director of Al Noor Hospitals Group said: “The success of this IPO is testament to the hard work and commitment of Al Noor’s founders, Sheikh Mohammed Bin Butti and Dr Kassem Alom. I would like to take this opportunity to recognise their achievements; we are proud to be part of their journey.
“We have deep appreciation for our own investors who have demonstrated belief in our focused value creation model which revolves around governance, strategy and finance – a strategy that has been validated by Al Noor’s IPO. These three core pillars of support for Al Noor ensured we could put the right team in place, scale the business and effect a well thought-out strategy to maintain a leading position.”

Khaldoun Haj Hasan, Co-Founder and Managing Partner of Ithmar Capital, added: “With Ithmar’s support, Al Noor has continued to gain the largest market share among private healthcare service providers for both outpatients and inpatients in Abu Dhabi. We helped build a strong management team around Dr Alom and we’re privileged to have worked with such a team to help build this iconic company.

“I would like to thank the Al Noor management team and all the employees for creating one of the most significant players in the UAE healthcare markets. We have every confidence that Al Noor will mirror its Abu Dhabi accomplishments across the GCC, with the same level of dedication and passion for growth. We are all committed to this next exciting phase of Al Noor’s development.”
Ranjit Bhonsle, General Partner of Ithmar Capital, commented: “Ithmar is highly selective when it comes to which companies to back and this means it can dedicate the time and resources required to build exceptional businesses across the GCC and internationally.
“All of this focused, hands-on collaboration has created value for everyone involved and I’d like to thank all the partners, our investors, management, employees and advisors, on achieving this significant landmark – a premium listing on the London Stock Exchange. We are very proud to be a part of this success and look forward to further supporting Al Noor in the future.”


Following the IPO, Ithmar, through its affiliate Astro II SPV, will continue to be a major shareholder in Al Noor with a 25% stake post the exercise of the greenshoe, demonstrating its commitment to supporting the business and creating value over the long-term.