Nahdi Medical plans to offer 15-30% of shares in IPO on Saudi market: report

Logo of Nahdi Medical Co.

Saudi Arabia’s retail pharmacy chain, Nahdi Medical Co., plans to float 20-30% of its share capital in an initial public offering (IPO) on the Saudi market, CNBC Arabia reported, citing a source in an investment bank.

Nahdi Medical seeks to start trading on its shares by Q3 or Q4 of 2021, depending on market conditions.

Meanwhile, another source reported that the company plans to offer 15-30% of its share capital and is currently holding talks with the offering advisors. However, finalizing the potential offering measures is subject to the approval of the competent authorities, the source added.

In July 2020, Reuters reported that Nahdi Medical Co. was studying the feasibility of an IPO.

Nahdi Medical Co., was founded by Abdullah Amer Al Nahdi in 1986, with headquarters in Jeddah. It has a network of more than 1,100 pharmacies in the Kingdom and is 50% owned by Jeddah-based investment firm Sedco Capital.