Saudi Arabia’s market regulator has approved Dr. Soliman Abdulkader Fakeeh Hospital Co.’s application to sell 49.8 million shares, or 21.47% of its capital, in an initial public offering (IPO) on the main market (TASI).

The prospectus will be published ahead of the planned share sale, the Saudi market regulator said in a statement.

The IPO approval is valid for six months from the CMA’s board resolution date and will be deemed cancelled if the company’s share offering and listing are not completed within this period.

In February, Mohammed ElKuwaiz, Chairman of the CMA, said that the number of IPOs in the pipeline across TASI and the Nomu-Parallel Market surged 30% year-on-year to 56 in 2023.

(Editing by Seban Scaria