Image Credit: Bloomberg
Dubai: The Almoosa Health Company will lay claim to the title of Saudi Arabia’s second biggest IPO of 2024, after setting the IPO price at SR127 a share.
This then sets up a stock market offering of SR1.68 billion and a market cap of SR5.62 billion on the Tadawul listing.
The price range for Almoosa Health offering was previously set between SR123 and SR127.00 a share.
The institutional book-building process was driven by an order book of around SR173 billion and was 103 times oversubscribed. The subscription period for individual subscribers starts December 22 and end on December 24.
“We believe that the attractiveness of the Saudi healthcare market, coupled with our 30-year legacy and innovative approach to patient care ideally position us to capitalize on fresh opportunities by building new, cutting-edge facilities that will drive sustainable growth,” said Malek Almoosa, CEO of Almoosa Health Company.
Year’s biggest IPO on Tadawul
2024’s biggest Saudi IPO was that from another healthcare company, Dr. Soliman Abdul Kader Fakeeh. That one raised SR2.86 billion ($763.4 million).
The Saudi healthcare sector continues to bustle along, whether that’s through sizeable inward investments or through domestic companies going public. The UAE’s Burjeel Holdings, the hospital operator, is steadily adding to its presence, while Aster DM is another targeting a sizeable Saudi presence in the medium term.
Al Moosa Health’s cornerstone investors
It was on September 30 that the Saudi regulator CMA approved Almoosa Health’s application for the stock offer, with 13.29 million shares, or 30% of the capital.
The company has entered binding agreements with The Company for Cooperative Insurance (Tawuniya) and Alfozan Holding Company to be cornerstone investors. Both have committed to subscribe to a total of 2.92 million shares, representing 22% of the offer shares.
Almoosa Health has 730 beds from two hospitals – Al Moosa Specialist Hospital (430 beds) and Al Moosa Rehabilitation Hospital (300 beds) – in Saudi Arabia’s Eastern Province. They treat close to 1 million patients annually, supported by a team of 326 physicians.
The company had revenues of SR979 million and net income of SR98 million in 2023. For the nine months of 2024, revenues were SR870 million and net income at SR40 million.
主题测试文章，只做测试使用。发布者：duren0459@gmail.com，转转请注明出处：https://exploremenas.com/al-moosa-health-sets-stage-set-for-saudi-arabias-second-biggest-ipo-of-2024/
