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Al Hokail Academy Specialized Digital Polyclinics Company plans to offer a 29% stake on parallel market Nomu, according to its prospectus (pdf) The company lined up Capital Market Authority approval for the offering in March. The offering of just over 2 mn ordinary shares is open to qualified institutional and retail investors.
About the company: Al Hokail is one of the top healthcare providers in the Eastern Province and says it has a “market-leading position” with offerings including dental, “cosmetic beauty,” day surgery, in-vitro fertilization, and genetic testing. Its seven branches have served over 2 mn clients.
A snapshot of its financial performance: Al Hokail’s net income was down 18.5% y-o-y to SAR 34 mn in FY 2023 while revenues were up 12.1% y-o-y during the period to SAR 248 mn.
The seller: Amjad Abdul Aziz Ibrahim Al Hokail, the company’ sonly substantial shareholder, is selling-down his position to 65% from 93.06%. He will be barred from selling shares for a period of 12 months from the first day of trading. Al Hokail will take home the proceeds from the transaction.
The IPO timeline: Bankers will take orders from institutional investors starting Sunday, 7 July until Wednesday, 10 July, while the bookbuilding process for retail investors will run on Wednesday, 17 July to Sunday, 21 July. A final allocation of shares is slated for Tuesday, 21 July, with any excess subscription fees refunded no later than Thursday, 25 July. The first day of trading remains contingent on fulfilling regulatory requirements, according to the prospectus.
ADVISORS- Emirates NBD Capital KSA is quarterbacking the transaction as financial advisor and lead Manager. Khaligyoun Legal Advisors is acting as the legal advisor, while PwC acts as auditor and Reflexion as business consultant. Receiving agents include Riyad Capital, BSF Capital, Alinma Investment, Al Jazira Capital, SNB Capital, ANB Capital, Al Rajhi Capital, Derayah Financial Company, Albilad Capital, SAB Invest, Alistithmar Capital and Alkhabeer Capital.
