a day ago
Specialized Medical Company announces the completion of offering period for individual investors and final allotment of shares
Riyadh, Saudi Arabia: Specialized Medical Company (' Company ' or ' SMC '), one of the leading healthcare providers in the Kingdom of Saudi Arabia (' Kingdom '), recognized as a center of excellence delivering comprehensive and integrated healthcare services across a wide range of specialties, announces the successful completion of the individual investor offering period and the final allotment of the offered shares in relation to the Company's initial public offering (the ' IPO ' or the ' Offering ').
Following the successful completion of the institutional book-building period, which has set the final offer price at SAR 25.0 per share and resulted of an oversubscription of 64.7 times of the total offered shares, the individual investors offer took place from 15 June to 16 June 2025G. The number of shares that were allocated to the Individual Investors tranche was 15,000,000 Offer Shares, representing 20% of the total Offer Shares. The Offering saw 317,820 individual investors place orders totaling SAR 542.2 million, reflecting a subscription coverage of 1.45 times for this tranche.
The Company allocated a minimum of 10 shares to each individual investor, with the remaining shares allocated on a pro-rata basis, based on the size of demand, with an average allocation factor of 63.9%.
Based on the results of the retail subscription process, the shares allocated to institutional investors will be reduced to 60,000,000 shares, representing 80% of the total Offer Shares, provided that such clawback shall not apply to the Company for Cooperative Insurance (Tawuniya), being the Cornerstone Investor, and the final allocation to the Cornerstone Investor shall be 5,875,000 Offer Shares in all cases. Accordingly, 54,125,000 shares of the Offer Shares will be allocated to the institutional investors excluding the Offer Shares allocated to the Cornerstone Investor.
Bassam Chahine, CEO at Specialized Medical Company commented: 'We are proud to have successfully completed our offering amidst evolving market conditions, which is a testament to the confidence investors have placed in SMC's growth story and long-term strategy. This milestone reinforces our market positioning as a differentiated healthcare provider and marks the beginning of an exciting new chapter in our journey upon the Company's listing.'
HIGHLIGHTS OF THE OFFER
Following the listing, the Company will have a free float of 30% (75,000,000) of its total Shares (250,000,000).
The Company for Cooperative Insurance (Tawuniya) subscribed, as Cornerstone Investor, for 5,875,000 shares of the Offer Shares (representing 2.35% of the Company's share capital after the Offering). The Company for Cooperative Insurance (Tawuniya) is considered a major investor in the Saudi markets. The Company believes that the contribution of the Company for Cooperative Insurance (Tawuniya) will provide an essential drive for achieving growth and long-term strategic goals.
The Offer Shares will be listed and traded on the Saudi Exchange's Main Market following the completion of the Offering and listing formalities with both the Capital Market Authority (CMA) and the Saudi Exchange.
