Almoosa Health Company, a leading healthcare provider in Saudi Arabia, has successfully concluded the retail offering period for its Initial Public Offering (IPO) on the Main Market of the Saudi Exchange.

Retail Offering Highlights:

• The retail subscription period, held from 23-24 December 2024, attracted 395,986 individual investors, who subscribed at a Final Offer Price of SAR 127.00 per share.
• The retail offering saw an oversubscription level of 408.71%, with total demand reaching approximately SAR 1.4 billion.
• The retail tranche, comprising 2.66 million shares (20% of the total Offering), will allocate a minimum of 6 shares to each individual investor. The remaining shares will be allocated pro-rata, with an average allocation factor of around 3.33%.

Institutional Offering Overview:

• The institutional book-building process attracted a staggering SAR 173 billion in subscriptions, with an oversubscription of 103 times.
• Local investors accounted for SAR 168 billion in subscriptions (99.7 times oversubscribed), from 1,412 institutions.
• International investors contributed SAR 5.5 billion, representing an oversubscription of 3.3 times, from 39 institutions.

Company Overview: 

Almoosa Health is one of Saudi Arabia's premier integrated healthcare providers, trusted by millions of families for nearly three decades, according to the company's statement. The company operates 730 beds across two hospitals in Saudi Arabia's Eastern Province:

• Al Moosa Specialist Hospital (430 beds)
• Al Moosa Rehabilitation Hospital (300 beds)

The company offers a comprehensive range of healthcare services, including primary, critical, and rehabilitative care, alongside ancillary services such as pharmaceuticals, home healthcare, and telemedicine. With nearly 1 million patients served annually and 326 skilled physicians, Almoosa Health is a key player in the Saudi healthcare sector.

Financial Performance:

• Almoosa Health reported revenue of SAR 979 million and a net income of SAR 98 million for 2023.
• For the first nine months of 2024, the company posted revenue of SAR 870 million and a net income of SAR 40 million, reflecting a strong market presence and profitability.

Offering Details:

Offer Shares: A total of 13,291,074 ordinary shares were offered, comprising:

• 3,987,494 shares offered by the Selling Shareholder.
• 9,303,580 new shares, representing 21% of the company’s post-offering share capital.
• The shares represent a combined 30% of the company’s total share capital after the offering.

Employee Investment Fund: 131,250 shares (0.30% of the post-offering capital) have been designated for an Employee Investment Fund, specifically for eligible employees. The allocation of these shares will be proportional to their investment in the fund.

Upcoming Events:

• The final allocation details were announced on 29 December 2024, with excess subscription refunds processed by 2 January 2025.
• Shares will be listed on the Main Market of the Saudi Exchange once all legal and regulatory requirements are met, with the commencement of trading to be announced shortly.

Previous News: IPO Monitor | Sahm Brings You Almoosa Health IPO: Retail Subscription Starts Today, 103x Institutional Oversubscription and 10 Key Investment Highlights Revealed

- Reporting by Zaid, Sahm News team