‎Retail subscription for Al-Dawaa’s IPO starts today

‎Retail subscription for Al-Dawaa’s IPO starts today

Retail investors start today, Feb. 27, subscription to about 2.55 million shares of Al-Dawaa Medical Services Co., or 10% of total offered shares, at SAR 73 each, as set by the book-building process.

In December, the Capital Market Authority (CMA) approved the company's request to list a 30% stake, or 25.5 million shares on Tadawul.

The retail tranche subscription process will run for three days till March 1.

The company’s institutional offering, which ended last week, was 53.8x covered.

Al-Dawaa's IPO will be the fourth to be seen on Tadawul's main market this year, after Elm Co. on Feb. 3, East Pipes Integrated Company for Industry on Jan. 24, and the IPO of Scientific & Medical Equipment House Co. on Jan. 31, 2022.

Last year witnessed nine IPOs, including Alkhorayef Water and Power Technologies Co., Theeb Rent a Car Co., Tanmiah Food Co., solutions, International Company for Power and Water Projects (ACWA Power), Arabian Contracting Services Co. (Al Arabia), Nayifat Finance Co., Saudi Tadawul Group and Almunajem Foods Co.

Company Profile

The company was established 1991 as a sole proprietorship in the name of Mohammed Saad Al Faraj Commercial Services Est. One of its branches called AlDawaa Pharmacies was converted to a limited liability company in 2001.

In