https://arab.news/9ynts
- Nahdi had earlier collected SR299 billion from its institutional offering that was 59-percent oversubscribed
RIYADH: Saudi pharmacy chain operator Nahdi Medical Co. attracted SR6.76 billion ($1.8 billion) from retail investors in its initial offering of shares to the public, a bourse filing revealed.
Having finalized the IPO process, the company is yet to disclose when it will start trading on the Saudi stock exchange.
Nahdi had earlier collected SR299 billion from its institutional offering that was 59-percent oversubscribed, setting the final offer price at SR131 per share.
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, CEO Yasser Joharji said in a press briefing last month.