Saudi Arabia’s Almoosa Health Co. saw its shares rise 21% to SAR 153.2 ($40.8) in its trading debut on Tuesday, up from the offer price of SAR 127 per share, Bloomberg reported.
The hospital operator raised $450 million through its initial public offering (IPO) by offering 13.3 million shares, representing a 30% stake, at a valuation of SAR 5.62 billion. Institutional investors placed orders worth SAR 173 billion, reflecting strong demand.
Almoosa Health operates 730 beds across two hospitals and generated SAR 870 million in revenue during the first nine months of 2024, according to its IPO prospectus. The company plans to open two additional hospitals by 2028 as part of its growth strategy.
IPO momentum continues
The IPO market in Saudi Arabia remains active. Online cosmetics retailer Nice One Beauty Digital Marketing Co. is scheduled to list on the Tadawul exchange on January 8 after raising $320 million. The Capital Market Authority has also approved upcoming IPOs for Ejada Systems Ltd., Umm Al Qura for Development & Construction Co., and Derayah Financial Co.
Healthcare remains a key component of Saudi Arabia’s Vision 2030, which aims to increase population growth and life expectancy. Dr. Soliman Abdel Kader Fakeeh Hospital Co. led 2024’s IPO market with a $763 million listing. Bloomberg reported that the Public Investment Fund plans to list Nupco, the kingdom’s largest medical procurement firm.
