Al-Dawaa Medical Services Co. will start trading on Saudi Arabia’s main index TASI on March 14 after collecting SR1.9 billion ($500 million) from shares buyers, local media reports said.
The operator of one of Saudi largest pharmacy chains, Al-Dawaa offered 25.5 million shares in an initial public offering, representing 30 percent of capital.
Established in 1994, Al-Dawaa Pharmacies provides optimal health care services to the Saudi market.
Bloomberg said the shares surged as much as 18 percent to 86.1 riyals. The company had sold shares at 73 riyals, pricing it at the top end of a range after attracting more than $25 billion in bids ahead of its retail offering.
Al-Dawaa operates a network of pharmacies with over 800 outlets across 130 cities in Saudi Arabia. It posted a revenue of about 5 billion riyals ($1.3 billion) and profit of 246 million riyals in 2020 compared with 4 billion riyals and 233 million riyals year ago, respectively, according to Bloomberg.
