EFG Hermes, the investment banking division of EFG Holding, the successful completion of its advisory role for Almoosa Healthcare Company’s $449M initial public offering (IPO) on the Saudi Exchange (Tadawul).
Almoosa Health, a leading healthcare provider in Saudi Arabia, offered 30% of its total issued share capital, comprising 9.3 million new shares and 4 million existing shares, at SAR 127 ($33.87) per share. The offering valued the company at SAR 5.6B ($1.5B).
The IPO attracted strong investor interest, with an oversubscription rate of 103 times. The company began trading under the ticker ALMOOSA on Tuesday, with shares rising 15% on debut to hover around SAR 139.60.
“We are honoured to have played a pivotal role in the successful IPO of Almoosa Specialist Hospital, a key milestone for Saudi Arabia’s thriving healthcare sector,” said Saud Altassan, CEO of EFG Hermes KSA.
Karim Meleka, co-head of investment banking at EFG Hermes, noted that the strong demand highlighted investor appetite for high-quality healthcare assets in the kingdom.
“We are proud to have played a role in the second Saudi healthcare group IPO this year and look forward to building on this momentum in 2025,” he added.
Based in Saudi Arabia’s Eastern Province, Almoosa Health operates two hospitals in Al Ahsa with a combined capacity of 730 beds. It serves around one million patients annually and employs 326 physicians across various specialties.
The company reported SAR 979M in revenue and SAR 98M in net income in 2023. For the first nine months of 2024, it posted SAR 870M in revenue and SAR 40M in net income.
EFG Hermes acted as a joint bookrunner and underwriter on the transaction.
