Riyadh, Kingdom of Saudi Arabia: Almoosa Health Company (“Almoosa Health”, “Almoosa”, or the “Company”), a leading healthcare service provider in Saudi Arabia, today announces the successful conclusion of the retail offering period in relation to its Initial Public Offering (the “IPO” or the “Offering”) on the Main Market of the Saudi Exchange.

The retail subscription period for Individual Subscribers, which took place from 23-24 December 2024G, saw 395,986 investors subscribing at a Final Offer Price of SAR 127.00 per share, generating a retail tranche oversubscription level of 408.71% with total retail demand of approximately SAR 1.4 billion. The retail tranche comprised 2.66 million shares representing 20% of the total Offering. Individual investors will receive a minimum of 6 shares each, while the remaining shares will be allocated on a pro-rata basis based on the size of each individual investor’s request compared to the total remaining subscribed shares with an average allocation factor of around 3.33%.

As previously announced, the institutional book-building process attracted an order book of approximately SAR 173 billion and was 103 times oversubscribed. Details of subscriptions from institutional investors are as follows:

  • Local Investors: Total subscriptions of SAR 168 billion, implying oversubscription of 99.7 times, from 1,412 institutions.
  • International Investors: Total subscriptions of SAR 5.5 billion, implying oversubscription of 3.3 times, from 39 institutions.

Trading of the Company’s shares on the Main Market of the Saudi Exchange is expected to start after completion of all relevant legal requirements and procedures. The trading commencement date of the Shares will be announced on the Saudi Exchange website (www.saudiexchange.sa).

COMPANY OVERVIEW AND BUSINESS ACTIVITIES

  • Almoosa Health is one of Saudi Arabia’s premier integrated providers of high-quality healthcare, trusted by millions of families for approximately three decades.
  • The Company offers 730 beds across 2 hospitals in Saudi Arabia’s Eastern Province, offering a comprehensive range of patient services spanning the entire care continuum.
  • The Company provides integrated healthcare services that include primary, critical, and rehabilitative care at Al Moosa Specialist Hospital (430 beds) and Al Moosa Rehabilitation Hospital (300 beds) in the city of Al Ahsa.
  • Almoosa Health also provides ancillary health services such as pharmaceutical, home healthcare and telemedicine.
  • The Company serves close to 1 million patients annually, supported by a team of 326 skilled physicians offering expertise across various fields.
  • The Company has a strong financial profile – with revenue of SAR 979 million and net income of SAR 98 million in 2023G. For the nine months of 2024G, the Company reported revenue of SAR 870 million and net income of SAR 40 million, reflecting its strong market presence and superior profitability.

OFFERING DETAILS

BSF Capital has been appointed as Financial Advisor and Lead Manager for the Offering. BSF Capital and EFG-Hermes KSA have been appointed as Underwriters and Bookrunners. The Law Firm of Latham & Watkins has been appointed as Legal Advisor to the Company while Mohammed Al Dhabaan & Partners Legal Consultancy has been appointed as Legal Advisor to Underwriters. Moelis & Company Saudi Limited has been appointed as Advisor to the Selling Shareholder.

  • The Company’s share capital after the Offering will be SAR 443,035,800, divided into 44,303,580 ordinary Shares with a nominal value of SAR 10 per Share, as a result of the Company’s capital increase through the issuance and public offering of 9,303,580 New Shares.
  • The Offering consists of 13,291,074 ordinary Shares through (1) 3,987,494 ordinary Shares offered by the Selling Shareholder, and (2) the issuance and sale of 9,303,580 ordinary New Shares. The Sale Shares and New Shares represent 9% and 21%, respectively, of the Company’s total share capital after the Offering, which is equivalent to a total of 30% of the Company’s share capital after the Offering.
  • The Company has designated 131,250 ordinary shares (0.30% of its post-capital increase share capital) for an Employee Investment Fund to purchase from the Selling Shareholder. These shares, distinct from the main Offer Shares, will be bought specifically for eligible employees through the Employee Investment Fund. The allocation of these shares to employees will be proportional to their investment in the fund. If any allocated shares are not purchased by the Fund, they will be returned to the Selling Shareholder.
  • An announcement of the final allocation will be made on 29 December 2024G, and the refund of the excess subscription monies, if any, will be made no later than 2 January 2025G.
  • The Company’s shares will be listed on the Main Market of the Saudi Exchange following the completion of the Offering and listing formalities with both the CMA and the Saudi Exchange.