Nahdi Medical Co. of Saudi Arabi will begin trading on March 22 in what is going to be the kingdom’s biggest listing since the listing of Aramco.
With an offer price of SR131 ($35), Nahdi had raised $1.36 billion from its initial public offering, slightly higher than the $1.2 billion sold by ACWA Power a year earlier.
Ahead of listing, Nahdi generated an order book of $80 billion from institutional investors, while retail subscribers poured in $1.8 billion.
The Jeddah-based pharma retailer currently operates over 1,150 pharmacies across the Kingdom and a rising number in the UAE.
With a presence across Saudi Arabia and the UAE, the company held a 31 percent market share of total pharmacy sales in the Kingdom by the end of 2021.