SAR1.9bn initially raised
Hospital operator will float 30%
Specialized Medical Company (SMC) will list on the Saudi Exchange on Wednesday concluding a delayed initial public offering that raised SAR1.9 billion ($500 million).
The offering, in which the hospital operator will float 30 percent of its post-IPO share capital, was pushed back after the company clawed back SAR200 million of dividends “in line with guidance received from the regulators”, the company said in an investment update.
The re-run of the institutional tranche of the IPO was oversubscribed, according to the company, and maintained its original final offer price of SAR25 a share.
It follows two disappointing Saudi listings, those of Flynas and United Carton Industries Company, which ended a streak of IPOs hitting the maximum 30 percent increase on the first day of trading on the Saudi Exchange.
Both saw their share price fall on the first day of trading.
In the wake of US tariff announcements in April and recent hostilities between Israel and Iran, four out of five IPOs completed this year were trading below their initial offer price as of Tuesday.
SMC’s listing brings the total amount raised by IPOs on the main market in 2025 to $2.8 billion. Last year, IPOs raised $4.1 billion.
SMC is currently building three new hospitals in Riyadh that should break even within three to four years, the Saudi company’s chief executive, Bassam Chahine, told AGBI in January.
The three hospitals will more than double SMC’s total bed count to about 1,200.
