Saudi Arabia’s Soliman Abdulkader Fakeeh Hospital Co. (known as Fakeeh Care Group) has set the final price for its initial public offering (IPO) in the Saudi stock exchange at SAR 57.7 per share, at the top end of the previously announced range.
The final price implies a company market capitalisation at listing ranging between SAR 12.3 billion and SAR 13.3 billion, according to a statement by lead manager HSBC Saudi Arabia.
“We are delighted with the demand from institutional investors for Fakeeh Care Group’s IPO,” said Dr Mazen Soliman Fakeeh, President of Fakeeh Care.
“Looking ahead, we are very excited about the future, leveraging our integrated healthcare model, well-established academic roots and utilization of advanced technologies to play a key role in Saudi Arabia’s growth trajectory for decades to come.”
In April, the Kingdom’s healthcare services provider announced it had received regulatory approval to sell 49.8 million shares in an IPO, representing 21.47% of the company’s share capital. The healthcare services provider will issue 30 million ordinary shares and sell 19.8 million existing shares.
In February, Saudi Arabian healthcare firm Al-Modawat Specialised Medical Co. announced was listed on the stock market, following on the lead of Saudi Arabia’s home-grown pharmaceutical manufacturing company Avalon Pharma, which listed 30% of its shares on Tadawul.
The retail IPO will run on May 21-22, and 4.98 million shares, or 10% of the total offer, will be allocated to individuals.
