RIYADH: Shares in pharmacy chain operator Nahdi Medical Co. soared 14.5 percent in Tuesday trading after making Saudi Arabia’s biggest market debut since Aramco.
The stock closed at SR150 ($40), implying a market value as high as SR19.5 billion.
With a strong market debut, Nahdi opened 16.8 percent above its initial public offering price of SR131.
“Our focus into 2022 and beyond will be firmly centered around two key objectives: redefining and transforming the future of healthcare in Saudi Arabia and delivering continuous value to our shareholders,” said CEO Yasser Joharji, commenting on the listing.
Nahdi had raised $1.36 billion from its IPO, slightly higher than the $1.2 billion sold by ACWA Power a year earlier.
The Jeddah-based giant pharma retailer operates over 1,150 pharmacies across the Kingdom and a rising number in the UAE.
