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Fakeeh Care plans IPO on Tadawul’s Main Market

Fakeeh Care plans IPO on Tadawul’s Main Market
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Riyadh – Mubasher: Dr. Soliman Abdel Kader Fakeeh Hospital Company (Fakeeh Care Group) intends to proceed with the initial public offering (IPO) and listing of 49.80 million ordinary shares on the Saudi Exchange (Tadawul).

Fakeeh Care plans to trade 21.47% of its share capital post-capital increase on the Main Market, according to an official statement.

The IPO is projected to comprise a sale of 19.80 million existing shares that represent 8.53% of the share capital in addition to the issuance of 30 million new shares representing 12.93% of the share capital upon completion of the offering.

HSBC Saudi Arabia acts as the sole financial advisor, joint bookrunner, underwriter, and lead manager for the potential IPO.

On 25 March 2024, Tadawul greenlighted Fakeeh Care’s application for the listing of the IPO shares on the Main Market, while the Capital Market Authority (CMA) gave its nod on 31 March.

The IPO price at which all subscribers will purchase the shares will be determined after the book-building period.

President of Fakeeh Care Group, Dr. Mazen Soliman Fakeeh, said: “Against the backdrop of Saudi Arabia’s Vision 2030 and an expanding market for private healthcare, we are investing in the growth of Fakeeh Care to bring our experience and expertise to more people across the Kingdom.”

Fakeeh added: “We have a clear strategy to reinforce our market leading position in Jeddah and expand our presence in key cities such as Riyadh, Makkah, Madinah, and NEOM.”

The official concluded: “Our IPO is an opportunity for investors to participate in Saudi Arabia’s economic success through one of its leading and rapidly growing healthcare brands.”

Fakeeh Care provides its clients with 835 beds and a staff of 900 doctors across four hospitals, namely Dr Soliman Fakeeh Hospital branches in Jeddah, Riyadh, and the near-completion in Madinah, as well as NEOM Hospital through an operating model.

The group delivered a strong financial and growth profile during the period from 2020 to 2023, as net revenues increased by a compound annual growth rate (CAGR) of 10.80% to SAR 2.30 billion.