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Almoosa Health to raise up to $450m from Saudi IPO

By Pramod Kumar
A view of the Almoosa Rehabilitation Hospital. The hospital operator will divest 13.3 million shares in its IPO Almoosa Health
A view of the Almoosa Rehabilitation Hospital. The hospital operator will divest 13.3 million shares in its IPO

Almoosa Health Company expects to raise between SAR1.63 billion and SAR1.69 billion ($433.80-449.7 million) from its initial public offering (IPO) on the Saudi stock exchange.

The company set the offering price range between SAR123.00 and SAR127.00 per share as the institutional book-building period started on Wednesday and will end on December 10.

The offer price range implies a market capitalisation at listing of between SAR5.4 billion and SAR5.6 billion. However, the final price will be determined after the end of the institutional book-building period.

The hospital operator will divest 13.3 million shares, with The Company for Cooperative Insurance (Tawuniya) and Alfozan Holding Company committed to subscribe as cornerstone investors.

The retail subscription period will run from December 23-24, with final allocations set for December 29.

Almoosa Health operates two facilities in Al Ahsa in the Eastern Province, with a total of 730 beds, and 290 clinics. 

The company plans to add two hospitals in Al Hofuf and Khobar with around 700 beds added by 2028. In addition, it plans to build five primary care centres in Al Ahsa, Al Khobar and Dammam with 1,430 beds by 2027. 

The company announced a net profit of SAR27.9 million in the third quarter, down 5 percent on the same period last year. Revenue in the quarter reached SAR308 million, up 27 percent year-on-year. 

More than 50 Saudi Arabian companies are waiting to list on the kingdom’s bourse in 2025, Shakeel Sarwar, head of asset management at Bahrain’s Sico Bank, told AGBI in October. 

Saudi Arabia and UAE will dominate IPO activity next year, he said, “with notable transactions expected from sectors such as consumer and airlines”.

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