Specialized Medical Company’s retail offering was 1.45x oversubscribed

Specialized Medical Company’s (SMC) retail offering was 1.45x oversubscribed, booking roughly SAR 542.2 mn in orders from individual investors, according to a filing to Tadawul. The Riyadh-based private healthcare provider priced its shares at SAR 25 a pop — the top of the range it was guiding on — after its institutional offering was nearly 65x oversubscribed, with orders exceeding SAR 121.4 bn.

Proceeds: SMC’s main market IPO stands to raise some SAR 1.9 bn, implying a market cap of SAR 6.3 bn at listing. The firm’s selling shareholders will rake in net proceeds from the share sale, with no new shares being issued for the IPO.

What’s next? Final allocations will now take place on Tuesday, 24 June, after retailsubscriptions were postponed late last month. There’s no word yet on when SMC’s shares will hit the market.

ICYMI- SMC is taking a 30% stake to market in one of the Kingdom’s largest market debuts this year, trailing behind Flynas’ SAR 4.1 bn listing and Umm Al Qura for Development’s SAR 2 bn IPO in March.

Housekeeping notes: SMC flagged a discrepancy in its financial disclosures and moved toreverse a SAR 200 mn dividend payout, requiring shareholders to return the funds by Monday, 30 June.

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

ALSO IN THE PIPELINE-

• Companies that have yet to move to the step beyond receiving the CMA’s approval include Ejada Systems, Marketing Home Group, and Dar Al Majed ;
• Companies that tapped banks for potential IPOs include the PIF-backed Saudi Global Ports, Tabreed District Cooling, Medical procurement firm Nupco, Riyad Capital, and BNPL platform Tabby ;
• Alramz Real Estate and Al Othaim Investment announced plans to float a 30% stake on Tadawul this year;
• F&B players Barns, Half Million, Deemah, and Hashi Bashi are said to be sounding out banks for potential debuts on the main market;
• Almosafer is preparing for a public listing on Tadawul by late 2025 or early 2026;
• PIF-backed CloudKitchens is reportedly eyeing an IPO in the Kingdom or the UAE (or both);
• Meal subscription startup Calo is also said to be eyeing an IPO here at home by 2027.