Al-Dawaa Medical sets final IPO price at SAR 73/share, offering 53.8x covered

Logo of Al-Dawaa Medical Services

Al-Dawaa Medical Services Co. successfully completed the book-building process for participating categories, GIB Capital, the financial advisor, lead manager and bookrunner for the initial public offering (IPO), said in a statement.

The company set the final offer price at SAR 73 per share.

The IPO received a total demand of SAR 100.2 billion (a coverage of 53.8 times of offer shares).

In December 2021, the Capital Market Authority (CMA) approved an application by Al-Dawaa Medical to sell 25.5 million shares representing 30% of its shares in an IPO on the Saudi Exchange (Tadawul), Argaam reported.

A total of 2.55 million shares, or 10% of the total offered shares, will be offered to retail investors for three days starting from Feb. 27 until March 1.

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