RIYADH: Saudi pharmacy chain Al-Dawaa raised SR100 billion ($27 billion) from institutional investors after its first sale of shares to the public.

With the offering 53.8 times oversubscribed, the final offer price has been set at SR73 per share, according to a bourse filing.

Individual subscriptions will be invited between Feb 27 and March 1, offering a maximum of 2.55 million shares.

Listing represents a chance to “strengthen Al-Dawaa’s brand presence and future growth potential as well as reinforce our commitment to the highest standards of corporate governance,” the company’s commercial director, Fahad Al-Farraj, earlier told Arab News.

Proceeds from the offering will be used to feed that strategy and enhance automation across the company’s supply chain, he said.

 

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