Saudi healthcare group SMC raises $500m in debut IPO
COMMERCIAL NEWS
Specialized Medical Company (SMC), one of Saudi Arabia’s leading healthcare providers, made its trading debut on the Saudi Exchange following a successful initial public offering (IPO) that raised SAR1.88 billion ($500 million).
The IPO saw strong demand from both institutional and retail investors, with the institutional tranche oversubscribed by 65 times, generating orders exceeding SAR121.3 billion ($32.3 billion), said the Saudi group in a statement.
The offering comprised 75 million ordinary shares, with 80% allocated to institutional investors and 20% to individual investors. Retail demand reached SAR542.2 million, resulting in a 1.45x oversubscription for that tranche.
According to SMC, the final offer price was set at SAR25 per share, the top of the announced range, implying a market capitalisation of SAR6.25 billion at listing.
"Today marks a major milestone in SMC’s journey," said its CEO Bassam Chahine.
"Our listing reflects investor confidence in our growth strategy and our role in delivering high-quality, digitally enabled healthcare across the Kingdom," he added.
SMC is recognized as a center of excellence offering integrated healthcare services across multiple specialties, and aims to play a key role in supporting Saudi Arabia’s Vision 2030 healthcare transformation agenda.-TradeArabia News Service
