UAE-based Amanat Holdings, a healthcare and education start-up, will launch a Dh1.375 billion ($374 million) share sale offering on the main Dubai bourse in October, the firm said in a statement on Tuesday.

The initial public offering is set at a price of Dh1.02 ($0.27) per share, representing 55 per cent of the company.

Amanat will use the funds raised from the offering to establish and incorporate companies working in the healthcare and education sectors, and develop, manage and operate these companies within the Gulf countries, the statement added.

Sources told Reuters earlier in September that private equity firm Ithmar Capital had picked Credit Suisse and Deutsche Bank to manage the flotation for its healthcare and education assets through special purpose acquisition company.

Ithmar Capital has a 1.6 per cent stake in Amanat. – Reuters