Saudi Pharma Retail Chain Al-Dawaa Surges in Trading Debut - Bloomberg
Al-Dawaa Medical Services, one of Saudi Arabia’s largest pharmaceutical retailers, jumped on its trading debut in Riyadh after a $500 million initial public offering.
The shares surged as much as 18% to 86.1 riyals. The company had sold shares at 73 riyals, pricing it at the top end of a range after attracting more than $25 billion in bids ahead of its retail offering.
Riyadh has been the hottest market in the Gulf for IPOs over the past two years amid pent up demand from retail and institutional investors. Saudi Arabian companies raised almost $9.3 billion from share offerings last year and the benchmark Tadawul All Share Index is among the best-performing gauges in the world this year.
Al-Dawaa operates a network of pharmacies with over 800 outlets across 130 cities in Saudi Arabia. It posted a revenue of about 5 billion riyals ($1.3 billion) and profit of 246 million riyals in 2020 compared with 4 billion riyals and 233 million riyals year ago, respectively.
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