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Healthcare provider Specialized Medical Company (SMC) has set the final initial public offering (IPO) price at SAR 25 per share, raising SAR 1.87 billion ($500 million) from the listing on the main market.
The market capitalisation at listing will reach SAR 6.25 billion, the company said.
The orders recorded during the institutional bookbuilding exceeded SAR 121.3 billion, representing a coverage of 64.7 times.
SMC floated 75 million shares, or 30% of the company’s capital, on the Kingdom’s main market.
The subscription period for retail subscribers will run from June 15 to 16. The final allocation of the shares will be announced on June 24.
The shares are expected to commence trading after all regulatory requirements have been fulfilled.
The Capital Market Authority approved the company’s application to list its shares on TASI in March.
Headquartered in Riyadh, SMC currently operates two hospitals in Riyadh. Three more hospitals are under development in the capital, which is expected to more than double the company’s current capacity to 1,276 beds and 770 outpatient clinics.
(Editing by Seban Scaria)
