Riyadh, Saudi Arabia: Specialized Medical Company (“Company” or “SMC”), one of the leading healthcare providers in the Kingdom of Saudi Arabia (“Kingdom”), recognized as a center of excellence delivering comprehensive and integrated healthcare services across a wide range of specialties, announces the successful completion of its initial public offering (the “IPO” or the “Offering”). The Company is now trading under the ticker symbol: 4019.
Bassam Chahine, CEO at Specialized Medical Company commented: “Today marks a major milestone in SMC’s journey. Our successful listing on the Saudi Exchange is a reflection of the market’s strong confidence in our equity story and our commitment to delivering high-quality, accessible, and digitally enabled healthcare services across the Kingdom. The overwhelming demand from both institutional and retail investors reinforces the strength of our operating model, our ambitious growth roadmap, and our role in advancing the Kingdom’s Vision 2030 healthcare transformation. I would like to thank our employees, partners, and shareholders for their trust and support, we are proud to welcome new investors to join us as we enter this next chapter of growth.”
The Offering consisted of 75,000,000 ordinary shares (the “Offer Shares”) with 80% of the Offer Shares allocated to Institutional Investors (the “Participating Parties”). The orders recorded during the institutional book-building exceeded SAR 121.3 billion (approximately more than USD 32.4 billion), representing a coverage of 64.7 times. The number of shares that were allocated to the Individual Investors tranche was 15,000,000 Offer Shares, representing 20% of the total Offer Shares. The Offering saw 317,820 individual investors place orders totaling SAR 542.2 million, reflecting a subscription coverage of 1.45 times for this tranche.
The Final Offer Price was set at SAR 25.00 per share, which is at the top end of the previously announced price range for the IPO, with the Company successfully raising gross proceeds of SAR 1,875 million (USD 500 million) with an implied market capitalization at a listing of SAR 6,250 million (USD 1,667 million).
