Nahdi Medical’s IPO attracts $1.80bln in retail subscription

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Riyadh – The initial public offering (IPO) of Nahdi Medical Company witnessed over 1.09 million subscribers during the retail offering process, which registered a value of SAR 6.76 billion in investment.

The final IPO price stood at SAR 131 per share, with the retail tranche being oversubscribed 13 times, according to a bourse filing on Sunday.

SNB Capital, the lead manager for the IPO, noted that the company allocated a minimum of three shares for each retail subscriber. The remaining shares will be earmarked on a pro-rata basis with an average allocation factor of 1.243%.

Moreover, SNB Capital pointed out that 3.90 million shares, representing 10% of the total IPO volume, had been offered for retail subscription during 13-15 March.

It is worth noting that in February, Nahdi Medical unveiled its intention to list its ordinary shares on the Main Market of the Saudi Exchange (Tadawul).