Fakeeh Care issues supplementary prospectus

Logo of Dr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care Group)

Dr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care Group) announced issuing supplementary prospectus, indicating that it, together with selling shareholders, received on April 29, 2024, binding undertakings from Olayan Saudi Investment Co. and Abu Dhabi Investment Authority (ADIA) pledging to subscribe as cornerstone investors.

Olayan will subscribe to 1.96 million shares, or 0.84% of the offered shares, while ADIA will subscribe to 1.04 million shares, or 0.45% of the offered shares.

For More IPOs

Fakeeh Care said it approved allocating these shares to the major investors during the offering process.

According to the prospectus, shares, which will be initially allocated to the participating parties in the book-building process, including equity funds, qualified foreign investors including GCC companies and other foreign investors as per swap agreements, reached 49.8 million shares, or 100% of the offered shares, including 3 million shares allocated for major shareholders.

In case the individual investors subscribe to their entire allocated shares, the financial advisor may have the right to cut the offered shares for the participating categories to 44.82 million shares, minimum, or 90% of the total shares, provided that, such reduction is not applicable to major shareholders.

Institutional book-building process started today, May 2 and will last until May 9, 2024.

Only the qualified categories will participate in the book-building and share allocation process.

Fakeeh Care set the price range for its initial public offering (IPO) between SAR 53 and SAR 57.5 per share. The healthcare services provider will issue 30 million ordinary shares and sell 19.8 million existing shares. The offered shares account for 8.53%, while the new shares represent 12.93% of the issued capital upon the offering completion, or 21.47% of the issued capital after issuing the new shares and increasing the capital.

The retail offering will start as of Tuesday, May 21 until May 22, 2024.