RIYADH: Nahdi Medical Co., which operates one of the largest pharmacy chains in Saudi Arabia, has set the final offer price for its initial public offering at SR131 ($34.92) per share, implying a market capitalization of SR17.030 million.
The book-building process generated an order book of SR299 billion, resulting in a 59 percent oversubscription, the company, along with financial advisors SNB Capital and HSBC Saudi Arabia, said in a statement.
The number of shares offered for retail investors amounts to a maximum of 3.9 million shares, or 10 percent of the total offered, as Nahdi plans to collect up to SR5.12 billion.
Ahead of its IPO, Nahdi posted a net profit of SR849 million in 2020. The Jeddah-based pharma retailer made revenues of SR8.6 billion during the year, it earlier said in a filing to the Saudi bourse.
With a presence across Saudi Arabia and the UAE, the company held a 31 percent market share of total pharmacy sales in the Kingdom by the end of 2021.
Nahdi currently operates over 1,150 pharmacies across the Kingdom and a rising number in the UAE, the company’s CEO Yasser Joharji said in a press briefing last month.
