Specialized Medical Company (SMC)’s institutional offering sold out within hours of opening yesterday, with demand clearing the book across the full price range, Bloomberg reports, citing terms it has seen. The private healthcare provider is guiding on a price range of SAR 24-25 per share for its main market IPO, which will see it put a a 30% stake on offer in a secondary share sale, it said in a statement (pdf).

Proceeds + market cap: At the top of the range, the IPO could raise up to SAR 1.9 bn (USD 500 mn) for selling shareholders, giving the Riyadh-based private healthcare provider a market cap of SAR 6.3 bn (USD 1.7 bn) at listing.

The IPO is poised to be the second-largest on the main market so far this year — landing between Umm Al Qura for Development’s SAR 2 bn IPO in March and Almoosa Health’s SAR 1.7 bn debut in January.

What’s next: Institutions have until Thursday, 15 May to submit their bids, during which they can book up to 12.5 mn shares each, with the minimum limit set at 100k. The bookbuilding process will gauge institutional appetite within that range, with the final price set to be determined after the window closes later this week. A two-day retail subscription window will open on Wednesday, 28 May, for 20% of the shares on offer provided there is sufficient demand with the final allocation slated for Wednesday, 4 June.

ADVISORS- Our friends at EFG Hermes are quarterbacking the transaction as joint financial advisors, underwriters, and bookrunners, alongside SNB Capital. SNB Capital is also serving as lead manager, with White & Case providing counsel to the issuer. Receiving agents include Al Rajhi Capital, BSF Capital, Alinma Investment, and Riyad Capital, among others.

OTHER IPOs IN THE PIPELINE-

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