Saudi Pharmacy Chain Nahdi Seeks to Raise $1.36bn from IPO

Published March 1st, 2022 - 07:36 GMT
Saudi Pharmacy Chain Nahdi Seeks to Raise $1.36bn from IPO
The pharmacy retail giant have over 1,150 pharmacies across Saudi Arabia, and several branches in UAE. (Shutterstock)

Saudi Arabia’s largest pharmacy retail chain, Nahdi Medical Co., plans to collect up to SR5.12 billion ($1.36 billion) from an IPO, in what could be the largest listing in the kingdom since Saudi Aramco went public in 2019.

nahdi
Source: Twitter

Nahdi set a price range between SR119 ($31.72) and SR131 ($34.91) per share for the 39 million shares offered, representing 30% of its capital, according to a statement. 

Institutional book-building process, led by SNB Capital and HSBC Saudi Arabia, will start on March 1 and and end on March 7, with a three-day subscription period for individual investors starting March 13.

SNB Capital Co. and HSBC Saudi Arabia are the joint financial advisors, bookrunners, and underwriters on the potential IPO.

Prior to its IPO, Nahdi posted a net profit of SR849 million ($226.28 million) in 2020. 

The pharmacy retail giant have over 1,150 pharmacies across Saudi Arabia, and several branches in UAE, and it held a 31% market share of total pharmacy sales in the Kingdom as end of 2021.

It's worth noting that Saudi Arabia’s benchmark Tadawul All Share Index soared 11.7% this year in dollar terms, making it the eighth best performing stock benchmark globally, Bloomberg reported.


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