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Saudi Arabia’s Al-Hokail Academy Specialized Digital Polyclinics Company has cancelled its plans to launch an initial public offering (IPO) on the Parallel Market (Nomu) of the Saudi stock exchange.
The Saudi healthcare service provider said following a consultation with its financial advisor, it has decided to cancel its IPO on Nomu, citing the interest of investors and shareholders.
Al-Hokail said it is “confident” of its strategy and has decided to return to the market at a later stage.
Earlier this month, Al-Hokail had announced an offering of 2.03 million ordinary shares, representing 29% of the company’s capital. Emirates NBD Capital Saudi Arabia was the financial advisor, lead manager and bookrunner on the potential offering.
The IPO was expected to run from July 17 to July 21, 2024, with a price range set between SAR 118 ($31.46) and SAR 125 per share.
(Writing by Bindu Rai, editing by Seban Scaria)
