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Twareat Medical Center (TMC) priced its direct listing on Nomu at SAR 12 apiece, according to its registration document (pdf). The company lined up CMA approval for the move earlier this month. The company sold a 7.45% stake (2.98 mn shares) in a private offering last year, with 55 new shareholders buying in.
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SOUND SMART- In a direct listing, a company allows its existing shareholders to sell their shares directly on the market without issuing new shares or raising additional capital. This process typically involves fewer regulatory requirements and costs, making it faster and simpler than an IPO.
The registration document does not specify the number of shares to be listed, allowing existing shareholders (excluding substantial shareholders) to decide how many of their shares they wish to sell on the market once trading begins. This approach provides flexibility and does not predetermine the supply of shares available, which is ultimately dictated by shareholder interest and market demand.
Pre-listing structure + lockup: TMC’s four major shareholders collectively hold 28.9 mn shares, representing 72.2% direct ownership and 16.8% indirect ownership. All substantial shareholders will be restricted from selling their shares for 12 months from the first day of trading.
Earnings snapshot: TMC reported SAR 16.1 mn in net income in 1H 2024, up 147% y-o-y. The company logged SAR 92.2 mn in revenues during the same period, marking a 28.6% increase.
ADVISORS- Aldukheil Financial Group is quarterbacking the listing as its financial advisor and PKF Al Bassam is auditor.
About Twareat: Established in 2013 in Al Khobar, TMC operates across four divisions: Remote clinics, industrial clinics, medical operations, and medical center management. Its activities include construction, building renovations, wholesale medical equipment trade, and management of medical facilities such as hospitals, clinics, and laboratories. The company also provides home healthcare, mobile clinics, telemedicine, and radiology services.
