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Saudi Arabia’s integrated healthcare provider Almoosa Health has set the price range for its public share offering between 123 riyals ($32.80) and SAR 127 per share.
This implies a total offering size of between SAR 1.63 billion and SAR 1.68 billion ($450.66 million), making it the kingdom’s second largest IPO this year after Fakeeh Care Group raised $764 million.
At the top of the price range, market capitalisation at listing would be SAR 5.63 billion.
The hospital operator is offering 13.3 million shares, or a 30% stake.
The Company for Cooperative Insurance (Tawuniya) and Alfozan Holding Company have agreed to come in as cornerstone investors and have committed to subscribe to over 2.9 million shares, representing 22% of the share sale.
Tawuniya has committed to subscribing to 1.8 million shares (4.1% of the total share capital after the IPO) while Alfozan has committed to 1.10 million shares (2.5%).
Institutional book-building period commences today and will end on 10 December. The offering period for individual investors will be open for two days —23 to 24 December.
The final offer price will be determined at the end of the institutional book-building period.
Saudi Fransi Capital has been appointed the financial advisor, joint bookrunner, underwriter and lead manager to the IPO. EFG Hermes KSA is joint bookrunner and underwriter.
Moelis & Company Saudi Limited advised the selling shareholders.
Almoosa opened its flagship Al Ahsa hospital in 1996 and operates a network of facilities with 750 beds across Saudi Arabia’s Eastern Province.
(Reporting by Brinda Darasha; editing by Seban Scaria)
