Nahdi Medical announces final offer price for IPO at SAR 131 per share

Following the announcement on 01 March 2022 by Nahdi Medical Company (“Nahdi” or “the Company”), the largest retail pharmacy chain and fast-growing omnihealth platform in the Kingdom of Saudi Arabia, of the Offer price range, the Company along with HSBC Saudi Arabia and SNB Capital, as joint financial advisors, announce the successful completion of the institutional book-building process in compliance with the guidelines of the Capital Market Authority (“CMA”) and the determination of the final offer price (the “Final Offer Price”) for the Initial Public Offering (the “IPO” or the “Offering”) at SAR 131 per share, implying a market capitalization of SAR 17,030 million (USD 4,541 million).

The book-building process generated an order book of SAR 299 billion (USD 80 billion) and resulted in a subscription of coverage of 59x of the total offered shares.

Eng. Yasser Joharji, Chief Executive Officer of Nahdi Medical Company, said:

“We, at Nahdi, are humbled by the exceptionally strong demand for the Company’s shares by institutional investors, reflecting their confidence in our people, our business, and our financial performance.

Since day one, we have sought to disrupt conventional ways of delivering value to our Guests by keeping them firmly in the center of all our efforts. Today, Nahdi is the largest retail pharmacy chain in Saudi Arabia and our omnihealth platform will help deliver further value to our Guests through an integrated ecosystem consisting of our omnichannel retail pharmacy and our primary healthcare services including polyclinics, express clinics, telemedicine, testing labs, and home healthcare.

At this significant milestone in Nahdi’s history, we are honored to expand our shareholder base to a diverse group of respected investment institutions. In addition, we look forward in the next few days to welcoming individual investors into our enlarged and diversified shareholder base. Their interest and support during the retail subscription period will be critical as the Company embarks on the next exciting chapter of its journey of adding beats to Guest lives every day and everywhere.” 

Confirmation of Offer Details

• The Final Offer Price for the Offering has been set at SAR 131 per share, implying a market capitalization at listing of SAR 17,030 million (USD 4,541 million).

• The total Offering size is SAR 5,109 million (USD 1,362 million).
• The Offering is comprised of 39,000,000 existing ordinary shares of the Company to be sold by the current shareholders (the “Offer Shares”). 100% of the Offer Shares have been provisionally allocated to the Participating Parties having participated in the book-building process (“Participating Parties”). This may be reduced to 35,100,000 Offer Shares (representing 90% of the total Offer Shares) depending on the level of demand by Individual Investors (as defined below). The final number of Offer Shares allocated to the Institutional Investors will be clawed-back accordingly based on subscriptions from Individual Investors.
• Saudi Arabian nationals, foreign residents in the Kingdom of Saudi Arabia and GCC nationals (“Individual Investors”) will be able to subscribe for shares in the retail offering between 13-15 March at the Final Offer Price of SAR 131 per Offer Share through the appointed receiving agents which are Saudi National Bank (SNB), Saudi British Bank (SABB), Al Rajhi Bank, Riyad Bank, and Arab National Bank (collectively, the “Receiving Agents”).

• The offer of Offer Shares to Retail Investors will be made as follows:

  • Individual Investors are required to fill and submit a Retail Subscription Form. Individual Investors who have participated in recent initial public offerings in the Kingdom can also subscribe through the internet, telephone banking or automated teller machines (“ATMs“) of any of the Receiving Agents branches that offer any or all such services to its customers, provided that the following requirements are satisfied: (i) the Retail Investor must have a bank account at a Receiving Agent which offers such services and (ii) there have been no changes in the personal information or data of the Retail Investor since such person’s subscription in the last initial public offering.