Specialized Medical issues prospectus to list 75M shares on TASI

The offered shares represent 30% of the company’s SAR 250 million share capital, divided into 250 million shares, each with a nominal value of SAR 1.

The IPO price will be determined after the book-building process. The retail offer period will run for two working days, from May 28-29.

According to the prospectus, the book-building process and subscription period for participating entities will run from May 11 to May 15.

In March, the Capital Market Authority (CMA) approved the company's application to list its shares on TASI.

The subscription is limited to two categories of investors: 

Tranche (A): Participating Parties: Those qualified to participate in the book-building process, to which a total of 75 million shares, or 100% of offered shares, will be allocated. In the event of sufficient demand from retail investors, the lead manager will have the right to reduce the number of their allocated shares to 80% of the total offer shares, at 60 million in minimum. 

Tranche (B): Retail Investors: Saudi nationals, any non-Saudi natural person living in the Kingdom and any GCC national, who holds a bank account with one of the receiving entities and has the right to open an investment account with a capital market institution. The maximum of 15 million shares (20% of the total offer shares) will be allocated to individual investors.

Key background

Founded in 1994, SMC is headquartered in Riyadh and focuses on developing, managing, and operating multi-specialty general hospitals.

It currently runs two hospitals in Riyadh: SMC (1) on King Fahd Road and SMC (2) on King Abdullah Road. Three more hospitals are under development in the capital city.

The two hospitals offer around 600 beds and 250 outpatient clinics, covering general and specialized fields. They are staffed by nearly 500 doctors and over 2,500 medical and nursing professionals.