Saudi Al-Dawaa tops TASI with $1.8bn market cap on market debut

The operator of one of Saudi largest pharmacy chains, offered 25.5 million shares in an initial public offering, representing 30 percent of capital. (Supplied)

• Al-Dawaa is the latest in joining the ongoing listing spree on the Saudi stock exchange

RIYADH: Al-Dawaa Medical Services Co. topped the gainers in trading debut on Saudi Arabia’s main index TASI with a $1.8 billion market cap.

This came as shares surged almost 8 percent to SR78.6 ($21).

Ahead of listing, the pharmacy chain operator collected $500 million from shares buyers, where the final offer price was set at SR73.

Al-Dawaa is the latest in joining the ongoing listing spree on the Saudi stock exchange.

“This listing contributes to increasing and diversifying the listed securities in the market, and enhancing investment opportunities available to investors,” said CEO, Mohammed Al-Farraj.