Nahdi Medical Co, Saudi Arabia’s market leader in retail pharmacies, “aims to raise up to 5.11 billion riyals ($1.36 billion) in the country’s biggest initial public offering since Saudi Aramco’s listing in 2019,” Reuters reports.
The company has set a price range of 119 riyals-131 riyals ($32 – $35) a share for the offering. It will sell 39 million shares, or a 30% stake, and has appointed HSBC Saudi Arabia and SNB Capital as joint financial advisers, bookrunners and underwriters, Reuters reports.
Also recently, Al Dawaa Medical Services Co., one of the largest pharmaceutical retail companies in Saudi Arabia, announced it will list 25.5 million shares on the Saudi Stock Market (Tadawul) seeking to raise about $500 million.
More family-owned businesses are listing on the kingdom’s exchange amid huge investor demand, and most IPOs have priced at the top of offering ranges, according to Bloomberg.
Saudi Arabia’s stock market dominated the region’s IPOs in 2021, with 15 out of 20 GCC IPOs debuting on Tadawul’s main and parallel markets, according to Kamco Invest report.
Recent major IPOs in Saudi Arabia include ACWA Power, security firm Elm, the Tadawul, Arabian Centres, Saudi Aramco, and others.
