Middle East Healthcare Co. (MEAHCO) has set the price for its upcoming initial public offering (IPO) at SAR 64 per share, following the completion of a book-building process, Samba Capital, lead manager and financial adviser for the offering, said in a statement.
The book-building process was 593.7 percent oversubscribed, amounting to subscriptions worth SAR 10.5 billion.
Mutual funds accounted for 168.4 percent, while investors licensed by the Saudi Capital Market Authority (CMA) represented 79.6 percent.
Tadawul-listed companies made up 240.9 percent of total subscriptions. Government entities, public institutions and state-owned comapnies accounted for 104.8 percent.
Samba Capital added that 90 percent of MEAHCO's institutional shares will be allocated to investment funds. Final allocation of shares to institutional investors will be set after shares are offered to retail investors.
The healthcare firm’s IPO is set to take place between March 3 and March 9, 2015.
The kingdom's largest healthcare service provider, founded by the Batterjee family, has four wholly-owned hospitals branded Saudi German Hospitals located in Jeddah, Riyadh, Madinah and Khamis Mushait. It also owns a 32.3 percent of Hail National Health Services Co., and is currently building a new hospital in Hail.
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