{"id":96671,"date":"2025-05-05T00:00:00","date_gmt":"2025-05-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/05\/05\/specialized-medical-company-to-float-a-30-stake-on-tadawul\/"},"modified":"2025-05-05T00:00:00","modified_gmt":"2025-05-05T00:00:00","slug":"specialized-medical-company-to-float-a-30-stake-on-tadawul","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/05\/05\/specialized-medical-company-to-float-a-30-stake-on-tadawul\/","title":{"rendered":"Specialized Medical Company to float a 30% stake on Tadawul"},"content":{"rendered":"

<\/strong>SMC inches clos<\/strong>er<\/strong> to Tadawul IPO: <\/strong>Private healthcare provider Specialized Medical Company<\/a> (SMC) is taking a 30% stake to Tadawul\u2019s main market in a secondary share sale, whereby selling shareholders will rake in all of the proceeds, according to the prospectus (pdf)<\/a>. The move comes one month after the company lined up the Capital Market Authority\u2019s (CMA) approval<\/a>.<\/p>\n

A two-tranche offering: <\/strong>Some 75 mn ordinary shares will be up for grabs in an offering open to both institutional and retail investors. Initially, 100% of the IPO will be limited to institutions, with a 20% clawback for retail investors provided there is sufficient demand.<\/p>\n

Books open next week: <\/strong>Institutional bookbuilding is set to run between 11-15 May, during which institutions can book up to 12.5 mn shares each, with the minimum limit set at 100k. A two-day retail subscription window will open on Wednesday, 28 May. The final allocation is slated for Wednesday, 4 June.<\/p>\n

Shareholders keep reins + returns: <\/strong>SMC\u2019s four substantial shareholders will retain majority ownership even as they sell down their position to a combined 66% stake, down from 94.2%. They will also take home all of the proceeds from the sale, after deducting SAR 41 mn to cover IPO-related expenses.<\/p>\n

A snapshot of its latest earnings + dividends:<\/strong> SMC\u2019s bottom line grew 45% y-o-y to SAR 159 mn in 9M 2024, while its top line rose 11.9% to SAR 1.1 bn. SMC has been handing out healthy payouts, with SAR 100 mn in dividends declared for 9M 2024 \u2014 a 62.9% payout ratio. <\/p>\n

About SMC:<\/strong> Founded in 1999, the Riyadh-based healthcare provider operates two hospitals and over 250 outpatient clinics, with plans to open three hospitals by 2029, expanding its bed capacity to roughly 1.3k from 600.<\/p>\n

ADVISORS- <\/strong>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 <\/strong>include Al Rajhi Capital, BSF Capital, Alinma Investment, and Riyad Capital, among others. <\/p>\n

ALSO IN THE PIPELINE-<\/strong><\/p>\n