Yasser Joharji, CEO, said: Al-Nahdi Saudi Medical Company His company has clear strategies for expanding the pharmaceutical sector through digital expansion and providing faster and better services, using the proceeds of the company’s prospective offering.
Speaking to Al Arabiya, he added that the company intends to expand in the primary health care sector, “We started with two care clinics, and we will start with more clinics within pharmacies, which number now is 7, and we will launch with larger numbers in the Kingdom.”
He explained that his company has been operating in the Kingdom for 4 decades, providing its services in 144 cities and villages in Saudi Arabia, employing 6,000 employees, and owning 1,150 pharmacies.
He stated that his company covers 97% of the population in the Kingdom and has “a high logistical and digital strength with large investments that qualifies us to reserve a front seat in the future.”
He continued, “Our market share in terms of the number of pharmacies is 10%, and our market share in terms of value in the private pharmacies sector is 31%.”
He stated that the company plans to expand in all regions of the Kingdom, noting that the goal is for the expansion process to contribute about 20% of future growth.
NCB Capital and HSBC Saudi Arabia, in their capacity as financial advisors, corporate bookrunners and underwriters for the potential initial public offering of Nahdi Medical Company, announced the company’s intention to offer its shares for an initial public offering and to list its ordinary shares on the main market at Tadawul Saudi Arabia. The offering includes 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 after the end of the order book building period.
Nahdi Medical plans to raise about $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 about 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.