Saudi Arabia's Nahdi Medical Co. is set to raise up to 5.11 billion riyals ($1.36 billion) in its IPO after the company disclosed the offer price on its 30 percent stake sale on Tuesday.

The offering's price range was set at 119 riyals-131 riyals a share, the bookrunners and underwriters to the potential sale, SNB Capital Company and HSBC Saudi Arabia, said in a Tadawul bourse filing.

The company, a large retail pharmacy chain and fast-growing omnihealth platform in the kingdom, is selling 39 million shares to investors, in what could potentially be the kingdom's second biggest IPO after Saudi Aramco raised nearly $26 billion in 2019. Saudi Arabia's ACWA Power International’s raised $1.2 billion in its IPO last year.

The price range implies a market capitalization at listing of between 15.47 billion riyals and 17 billion riyals. Immediately after the listing, the company is expected to have a free float of 30 percent of the entire issued share capital.

The book building process which opens today, will close on March 7, 2022. The final price will be announced on March 10, with the subscription period for individual investors opening on 13 March.   

While the company plans to provisionally offer 100 percent of the shares in the institutional tranche, this may be reduced to 90 percent depending on the level of demand.

(Reporting by Brinda Darasha; editing by Seban Scaria)