Saudi big pharma Al-Dawaa sets IPO price range, begins book-building

RIYADH: Al-Dawaa, which operates an extensive network of pharmaceutical retail in Saudi Arabia, has set the price range for its initial public offering at SR65 ($17.3) to SR73 per share. 

The company earlier announced it was offering 25.5 million shares in an IPO, or 30 percent of its capital of SR850 million through a sale by existing shareholders. 

Institutional subscription has also started on Sunday, where they are initially allocated 100 percent of the offering, but could go down to 90 percent, Al-Dawaa said in a statement.