NCB Capital and HSBC Saudi Arabia, in their capacity as financial advisors, bookrunners for institutional subscriptions and underwriters, announced The potential initial public offering of Al-Nahdi Medical Company regarding the company’s intention to offer its shares for initial public subscription and to list its ordinary shares on the main market at the Saudi TadawulThe offering is expected to include the sale of 30% of the company’s shares, according to a statement on Sunday.
The company obtained Saudi Tadawul’s approval to list its shares on the main market on December 19, 2021, and obtained the approval of the Capital Market Authority on its request to offer 39,000,000 ordinary shares (representing 30% of the company’s shares) for public subscription on December 29, 2021. The offering price will be determined Final order for all subscribers following the end of the order book building period.
Nahdi Medical plans to raise regarding $1.3 billion (4.9 billion riyals) from this offering, which may be the largest listing in Saudi Arabia since Saudi Aramco’s IPO in 2019.
Al-Nahdi Medical Company appointed the local unit of HSBC and the investment banking arm of the Saudi National Bank, to manage the sale of a 30% stake in the Saudi stock market.
Sources indicated that the company is seeking a valuation of regarding 16 billion riyals in the initial public offering.
It is worth noting that Al-Nahdi Medical Company is half owned by the investment company “SEDCO Holding”, which is headquartered in Jeddah.
