Record Demand Marks Fakeeh Hospital Group's Historic IPO
The Riyadh-based hospital IPO is covered 119 times by institutional investors.
Investors placed orders totaling $91 billion for the Saudi Soliman Abdul Kader Fakeeh Hospital's IPO, which is expected to be the largest listing of the year in the kingdom.[1]
The Riyadh-based hospital IPO has been covered 119 times by institutional investors.
The company, along with its founding family, is set to raise $1.03 billion through the offering, which saw the final price fixed at SAR 57.5 ($15.33), marking the upper end of the marketed range and implying a total market capitalization of 13.3 billion ($3.55 billion).
Key investors include the Abu Dhabi Investment Authority and Olayan Saudi Investment. Notably, this marks the first time for the Abu Dhabi wealth fund to act as a cornerstone investor in a Saudi IPO.
Fakeeh Care Group operates four hospitals with approximately 900 doctors, 835 beds, 374 examination rooms, nearly 190 ICU beds, and about 40 operating theatres. Additionally, it runs five medical centers and houses the Fakeeh College for Medical Sciences in Jeddah, with over 1,800 students enrolled as of September 2023.