Saudi hospital group Dr. Soliman Abdul Kader Fakeeh Hospital and its subsidiaries (Fakeeh Care Group) said that the retail tranche of its initial public offering (IPO) was oversubscribed 14.5 times, reaching SAR 4.15 billion ($1.11 billion).

A minimum of three shares were allocated to each investor, the company said in a statement on Monday. 

The total number of shares offered to retail subscribers was 4.98 million, with the retail tranche running from May 21 to 22.

The remaining shares will be allocated pro-rata at an average allocation factor of 1.4075%. 

Fakeeh Care Group announced the sale of a 21.5% stake in an IPO, or 49.8 million shares, at a final offer price of SAR 57.50 ($29.46) per share, raising up to SAR 2.9 billion ($763 million).

The institutional book-building resulted in subscription coverage of nearly 119x the total offered shares.

Following its listing on the Saudi Exchange’s (Tadawul) main market, the company is expected to have a free float of 21.47%.

(Editing by Seban Scaria