Nahdi Medical, Biggest Saudi IPO Since Aramco, Prices at Top End of Range - Bloomberg
Saudi Arabia’s largest pharmacy retail chain set the final offer price for its listing at the top end of a planned range amid continued strong demand for share sales in the kingdom.
Nahdi Medical Co. said it will sell shares at 131 riyals ($34.92) apiece after the institutional part of the offering ended. At that price, the company is set to raise $1.36 billion, with a three-day subscription period for individual investors starting on March 13.
The IPO could be the largest listing in the kingdom since Saudi Aramco raised almost $30 billion in 2019. While Russia’s invasion of Ukraine has effectively shut IPO markets, Gulf markets are so far proving resilient as surging local stock markets on the back of soaring oil prices support deal flow.
JPMorgan Chase & Co. and Citigroup Inc. are among those betting investor demand will keep the share sales coming.
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