Specialized Medical Company’s (SMC) IPO retail subscription was pushed back to 15-16 June, while the final price will be made public on Tuesday, 3 June, according to a complimentary prospectus (pdf). The two-day retail subscription period was initially scheduled to start tomorrow. The final allocation of shares is now slated for Tuesday, 24 June, instead of the earlier 4 June date, the document said.

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ICYMI- SMC’s institutional offering sold out within hours of opening earlier this month, with demand clearing the book across the full price range. 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 30% stake on offer in a secondary share sale.

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.

One of the largest IPOs this year: While Flynas’ SAR 4.1 bn listing is expected to secure the title for the biggest IPO of the year, SMC’s offering is poised to be the third-largest listing 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.

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.

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