The initial public offering (IPO) of Saudi Arabia’s healthcare firm Basma Adeem (Smile Care) has

closed with a robust subscription, indicating continued investor interest in local businesses that seek to tap the capital markets.

At the end of the bidding process on January 19, the offering on the Saudi Stock Exchange’s Nomu Parallel Market was 1,981.27% oversubscribed.

The company, which operates dental clinics in the kingdom, offered 4 million ordinary shares, representing a 20% stake, at SAR 4.4 ($1.17) per share.

Smile Care’s financial advisor, Yaqeen Capital, will finalise the required procedures with the Saudi bourse and set the date for the shares to debut on Nomu.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com