Saudi Hospital Operator Almoosa Sets IPO Price, Aiming To Raise Up To $450M
Saudi Arabian healthcare provider Almoosa Health Company plans to sell shares in its initial public offering (IPO) at prices between $32.73 (SAR 123) and $33.80 (SAR 127) each. The company aims to raise as much as $449.2 million (SAR 1.69 billion).
Almoosa IPO
Almoosa is planning to sell shares to the public, which will give the company a value of between $1.45 billion (5.45 billion SAR) and $1.50 billion (5.63 billion SAR). They will offer 13.29 million shares on the Riyadh stock exchange, which is 15% of the company’s total shares.
The final share price will be decided after a process where big investors show interest (called “book-building”), which started on Wednesday and ends on December 10. Regular investors can buy shares on December 23 and 24.
In the first nine months of this year, Almoosa earned $231.5 million (870 million SAR) in revenue and made $10.6 million (40 million SAR) in profit. Last year, the company’s total revenue was $260.5 million (979 million SAR), with a profit of $26 million (98 million SAR).
Key Investors
Tawuniya (The Company for Cooperative Insurance) and Alfozan Holding Company have agreed to buy 22% of the shares being offered, according to the Saudi hospital operator.
Almoosa, which provides services like primary care, critical care, and rehabilitation, has chosen Saudi Fransi Capital as its financial advisor and lead manager. The insurance company will also act as the underwriter and bookrunner, along with EFG-Hermes KSA. Latham & Watkins Law Firm will serve as the legal advisor.
MENA IPOs in 2023
In 2023, the Middle East and North Africa (MENA) region saw 48 companies go public, raising $10.7 billion, according to the EY MENA IPO Eye report for Q4 2023.
Globally, the total value of IPOs in the first quarter of 2024 was $22.4 billion, similar to the same period last year. However, global equity markets had their busiest start to the year since 2021, based on data from Dealogic.
Published: 5th December 2024
For more article like this please follow our social media Twitter, Linkedin & Instagram
Also Read:
Aldar buys $626M tower in Dubai DIFC from H&H Development
PIF’s Neo Space Group to acquire UP42 platform from Airbus
Saudi non-oil business activity hits 16-month high in November
