Saudi “Nahdi Medical” sells its shares at peak prices
Nahdi Medical Company, the largest retail pharmacy chain in Saudi Arabia, has set its final offer of shares at the upper end of its planned price range, amid continued strong demand for shares in the Kingdom.
In February, “Nahdi Medical” issued the prospectus to offer 39 million shares, representing 30% of its capital, through public subscription in the main Saudi stock market.
The company said it would sell shares at 131 riyals ($34.92) per share after the end of the institutional portion. At that price, the company looks to raise $1.36 billion from the sale of stock. Retail investors will have a three-day subscription period, starting on March 13th.
And Bloomberg reported that this initial public offering may be the largest listing in the kingdom since Saudi Aramco raised nearly $30 billion in 2019.
It is noteworthy that “Nahdi” operates 1,150 pharmacies distributed in various cities of the Kingdom, and has high financial solvency, which contributes to attracting strategic investors to its upcoming offering.
In February, it appointed the local unit of HSBC Bank and the investment arm of the National Bank of Saudi Arabia to offer a 30 percent stake in the Saudi stock market.