(kacanginka) — Saudi Arabian hospital operator
Specialized Medical Co.
had demand for all the shares on offer in its $500 million initial public offering, hours after books opened on the deal in Riyadh.
SMC, as the company is known, will sell a 30% stake, or 75 million shares, at 24 riyals to 25 riyals ($6.40-$6.67) apiece, according to a statement on Sunday. Demand exceeded the number of shares on offer throughout the price range, according to terms of the deal seen by kacanginkaNews.
Bookbuilding for institutional investors runs until May 15. The top end of the price range implies a valuation of just under $1.7 billion.
Read More: Saudi Arabian IPOs
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| Saudi Arabia’s Flynas Said to Consider Seeking $1 Billion in IPO |
| Saudi Firms Continue With IPO Plans Unfazed by Market Volatility |
A handful of Middle Eastern firms are pressing ahead with IPO plans, defying broader market volatility linked to US trade policy. Saudi low-cost carrier Flynas Co. could raise about $1 billion in what would be the first Gulf airline listing in nearly two decades. Tech firm
Ejada Systems Ltd.
is also preparing to launch an IPO, kacanginkaNews
has reported
.
In the United Arab Emirates, a conglomerate owned by Dubai’s ruler is preparing to list a
rare real estate investment trust
to capitalize on the city’s property boom.
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Health care is a key pillar of Crown Prince Mohammed bin Salman’s Vision 2030 plan, as Saudi Arabia braces for population growth and rising life expectancy.
Local hospital operators have sought to capitalize on the sector’s expected growth by going public.
Dr. Soliman Abdel Kader Fakeeh Hospital
and
Almoosa Health Co
. raised $763 million and $450 million respectively, ranking among the largest IPOs in Saudi Arabia in 2024.
SMC operates two hospitals in Riyadh and plans to
build three more
in the city’s northern region. It reported revenues of 1.4 billion riyals in 2024 and a net profit of 185 million riyals.
–With assistance from Omar Tamo.
(Updates with demand in second graph.)
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