Dr. Sulaiman Al Habib Group signs underwriting agreements with Jadwa Investment, Riyad Cap

Dr. Sulaiman Al Habib Medical Group signed underwriting agreements with Jadwa Investment and Riyad Capital for its initial public offering (IPO).

The medical group has completed all preparations with the financial institutions in charge of handling the IPO subscription including Samba Financial Group, Al Rajhi Bank, The National Commercial Bank (NCB), The Saudi British Bank (SABB), and Riyad Bank.

The group will float 5.25 million shares for retail offering, or 10% of its capital in the planned IPO at SAR 50 per share.

The retail offering will run from Feb. 26 through March 3.

The IPO is split into two tranches, one each for institutional and retail investors.

The institutional tranche comprises all categories of investors entitled to participate in the book-building process. A total of 52.5 million shares, or 100% of the offering size will be allocated to institutional investors, subject to a scale back to 90% (47.25 million shares). The final allocation will follow the completion of the retail offering.