The Kingdom of Saudi Arabia’s Almoosa Health Company has set a final offer price of 127 riyals ($33.8) per share, at top of the range. What this implies is a market capitalization of SAR 5.63 billion ($1.5 billion).
The institutional book-building process was driven by an order book of approximately SAR 173 billion and oversubscribed 103 times.
The subscription period for individual subscribers has been set for two days, starting on 23 December 2024 and ends on 24 December 2024.
An announcement of the final allocation will be made on 29 December 2024.
The listing on Saudi Exchange’s Main Market is expected to start after completion of the relevant legal requirements and procedures.
The Saudi healthcare provider’s SAR 1.69 billion IPO is the second largest in the kingdom this year, after Fakeeh Care Group’s $764 million listing, with 13.29 million offer shares, representing 30% of the company’s share capital after the capital increase.
Go deeper on GCC & Africa tech — $9.99/month.
Deep dives and investor insights the free digest doesn't cover.
Cornerstone investors in the IPO include Insurance (Tawuniya) and Alfozan Holding Company which have committed to subscribe to, in aggregate, 2,924,036 shares at the offer price, representing 22% of the offer shares.
Founded 30 years ago, Almoosa Health currently offers 730 beds across two hospitals in Saudi Arabia’s Eastern Province.
In an interview earlier this month, CEO Malek Almoosa said the company is looking to expand its healthcare capacity in the kingdom’s eastern region through the proceeds of its IPO.
The company posted a revenue of SAR 979 million and net income of SAR 98 million in 2023. For the nine months of 2024, the company reported revenue of SAR 870 million and net income of SAR 40 million.
BSF Capital has been appointed as financial advisor and lead manager. BSF Capital and EFG-Hermes KSA have been appointed as underwriters and bookrunners.
Moelis & Company Saudi Limited has been appointed as selling shareholders’ advisor.
Engagement
