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The IPO of private healthcare provider Fakeeh Care Group saw strong demand from institutional investors with a 119x oversubscription rate, according to a press release. The institutional portion of the offering drew orders worth a combined SAR 341 bn (USD 91 bn).
Share price set: The company set its final IPO price at the top of its initial price range at SAR 57.50 per share, which would give the family business a market cap of SAR 13.3 bn post-listing. The pricing means Fakeeh is set to raise SAR 2.9 bn from the offering.
What’s next? The two-day retail subscription period starts on Tuesday, 21 May. Final allocations are slated for Monday, 27 May, and refunds, if any, by Tuesday, 4 June.
Background: The group is taking a 21.5% stake to market through an offering of both new and existing shares. It plans to offer 30 mn new shares and 19.8 mn existing shares held by the Fakeeh family.
ADVISORS- Our friends at HSBC are acting as sole financial adviser. HSBC is joint bookrunner together with our friends at EFG Hermes as well as ANB Capital. Moelis is advising the selling shareholders, while AlRajhi Bank, Saudi National Bank, Arab National Bank, SAB, Alinma Bank and Bank Aljazira are serving as receiving banks.
