Middle East Healthcare Co. (MEAHCO) has released a supplementary prospectus for its initial public offering (IPO), which is set to take place from March 3 to 9 after the book-building process is completed.
The company’s share sale was previously set to take place from February 3-9, 2016.
As many as 27.61 million shares, or 100 percent of the floated shares will be offered to institutional investors in the first round. The lead manager has the right to reduce this percentage to 60 percent, or 19.33 million shares after obtaining an approval from the Capital Market Authority (CMA), Saudi Arabia’s market regulator.
The second stage will be open to Saudi retail investors, who have been allocated a maximum of 8.28 million shares, or 30 percent of the total shares offered.
The share sale price will be determined following the book building process.
MEAHCO, which is founded by the Batterjee family, has four wholly-owned hospitals branded Saudi German Hospitals in Jeddah, Riyadh, Madinah and Khamis Mushait. It also owns a 32.3 percent of Hail National Health Services Co., and is establishing a new hospital in Hail.
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IPO details |
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30% of Capital |
IPO Percentage |
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27.61 mln shares |
Number of IPO shares |
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Determined by book building process |
IPO price |
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Not determined yet |
IPO Size |
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Saudi Institutions and retail investors |
Subscribers |
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100,000 shares for institutions |
Minimum limit |
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10 shares for retail investors |
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4.6 mln shares for institutions |
Maximum limit |
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250,000 shares for retail investors |
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Feb. 23, 2016 |
Deadline for submitting subscription requests (institutions) |
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March 9, 2016 |
Deadline for submitting subscription requests (retail investors) |
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March 3 to March 9, 2016 |
IPO period |
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Latest date is March 16, 2016 |
Allotment date |
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Latest date is March 16, 2016 |
Surplus refund |
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