SMC to debut on TASI today at SAR 25/share

Logo of Specialized Medical Co. (SMC)

Shares of Specialized Medical Co. (SMC) start trading on the Main Market (TASI) today, June 25, under the symbol 4019 and ISIN code SA16B0CHUPH2, priced at SAR 25 apiece.

The stock will trade in the first three days with daily and static price fluctuation limits of ±30% and ±10%, respectively. From the fourth trading day onwards, the daily price fluctuation limits will revert to ±10%, while the static price fluctuation limits will no longer apply.

For More IPOs

SMC will be the eighth company to list on TASI this year, following the IPOs of Almoosa Health Co. on Jan. 7th, Nice One Beauty Digital Marketing Co.  on Jan. 8th, Derayah Financial on March 10, Arabian Company for Agricultural & Industrial Investments (Entaj) on March 17, Umm Al Qura for Development and Construction Co. (Masar) on March 24, United Carton Industries Co. (UCIC) on May 27, and  flynas on June 18.

Last year, TASI witnessed the listing of 13 companies, in addition to Alistithmar AREIC Diversified REIT Fund.

SMC will bring the number of companies listed on Tadawul to 237, excluding the 19 listed real estate investment trusts (REITs).

The company offered 75 million shares, or 30% of its capital, 20% of which were allocated to retail investors and 80% to institutions.

The retail tranche was 1.45x covered, at a total value of SAR 542.2 million, while the institutional offering was nearly 64.7x covered.

Individual investors are allocated a minimum of 10 shares each, while rump shares will be allocated on a pro-rata basis based on the size of each individual investor’s request compared to the total remaining subscribed shares, at an average allocation factor of 63.9%.

Founded in 1994, SMC is a closed joint stock company headquartered in Riyadh. It focuses on developing, managing, and operating multi-specialty general hospitals, which provide primary, secondary and tertiary healthcare services.

According to its articles of association, the company's activities include the retail sale of pharmaceutical and medical products, cosmetics, and toiletries in specialized stores, warehousing, and other food service activities, hospitals, and other human health services.

The company's current capital stands at SAR 250 million, divided into 250 million shares with a nominal value of SAR 1 per share.

*Public ownership will represent 30% of the company’s share capital at the time of listing. However, total public ownership will reach 34.02% post-IPO capital.