Saudi hospital operator Almoosa Health is expected to launch its IPO before year-end in what could be one of the largest listings in the country this year.

The company is offering 13.3m shares, representing 30% of the company. Capital Market Authority approval of the IPO, which lasts six months, was secured in September.

BSF Capital is sole bookrunner.

Tadawul offerings have tended to be smaller this year at sub-US$350m-equivalent, except Fakeeh Care Group at US$764m.

The fellow hospital operator is an obvious peer for Almoosa with shares remaining slightly above the SR57.50 issue price at SR58.10, representing 35.2 times 2025 P/E. The IPO is expected to be a similar size to Fakeeh's.

Other potential local peers include Saudi German and Dr Sulaiman Al Habib Medical Services Group, which trade at 20.6 and 36.1 times, respectively.

Almoosa is characterised as a growth story and comes as Saudi investors have pivoted towards such stocks and away from low multiple, high-yield stories in the context of a higher interest rate environment. Healthcare has also proved popular with Jamjoom and Avalon Pharma also coming to market in recent years.

Almoosa opened its flagship Al Ahsa hospital in 1996 and operates a network of facilities with 750 beds across Saudi Arabia’s Eastern Province.

Earlier this year it announced the opening of a new mental health centre that it says makes it the first healthcare provider in Eastern Province to deliver a comprehensive mental health service.

Two new hospitals, also in the Al Ahsa region, are under construction with eventual capacity of 300 and 400 beds as well as new primary care centres as a result of over SR3bn (US$799m) of investment.

Source: IFR