Al Nahdi Medical, Saudi Arabia's Largest Pharmaceutical Retailer Prepares to IPO

Al Nahdi Medical, Saudi Arabia's Largest Pharmaceutical Retailer Prepares to IPO

Al Nahdi Medical Co. a pharmaceutical retail chain in Saudi Arabia plans to sell the shares for 131 riyals each, or about US$34.92 per share.

According to Bloomberg, at that price, the company will raise $1.36 when the IPO takes place over the next few months starting on March 13.

Saudi Arabia's largest pharmaceutical retail chain set the final offer price for its listing at the highest planned range amid strong demand for the sale of shares in the country.

The IPO is projected to be the kingdom's largest listing since state oil giant Saudi Aramco raised nearly $30 billion when it went public in 2019.

While Russia's invasion of Ukraine has effectively shut down the IPO market, the Gulf market has so far proven resilient due to soaring oil prices, supporting the flow of deals. JPMorgan Chase & Co. and Citigroup Inc. are among those who bet. Investor demand will keep the share sale going.

Based on data compiled by Bloomberg, Saudi Arabian companies raised nearly $9.3 billion from stock offerings last year, making Riyadh the most active IPO market in the Middle East and Africa behind Israel. ACWA Power International's $1.2 billion IPO last year was the kingdom's biggest listing since Aramco.

Saudi Arabia's Tadawul All Share Index has gained about 13% this year in dollar terms, making it the eleventh best-performing stock benchmark globally.

Meanwhile, the MSCI Emerging Markets Index fell 12% in the same period, amid falling global equities. For information, the HSBC Holdings Plc Unit and Saudi National Bank which managed the Nahdi Medical IPO.

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