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‎Fakeeh Care lodges preliminary prospectus for TASI IPO

April 24, 2024
in Business
‎Fakeeh Care lodges preliminary prospectus for TASI IPO
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Fakeeh Care Group lodges preliminary prospectus to list 49.8M shares on TASI

Logo of Dr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care Group)

Dr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care Group) announced issuing the preliminary prospectus for floating 49.8 million shares on the main market (TASI).

At the end of last March, the company obtained the approval of the Capital Market Authority (CMA) on the initial public offering (IPO).

For More IPOs

The offering will be through the issuance of 30 million new ordinary shares, paired with the sale of 19.8 million existing ordinary shares by the selling shareholders, according to the prospectus.

Shares put for sale and the newly-issued shares represent 8.53% and 12.93%, respectively, of the post-IPO issued capital, or 21.47% of the issued capital after the issuance of the new shares and the capital increase.

The group’s healthcare facilities and assets include 835 beds in four hospitals: Dr. Soliman Fakeeh Hospital in Jeddah, Dr. Soliman Fakeeh Hospital in Riyadh, Dr. Soliman Fakeeh Hospital in Madinah (to be inaugurated soon), and NEOM Hospital which will run via an operational contract. These facilities boast about 900 doctors.

At its facilities, Fakeeh Care Group features five outpatient healthcare centers (including NEOM’s Advanced Care Center through an operational contract), in which 220 doctors are employed, in addition to many other integrated healthcare services.

The group also owns Fakeeh College for Medical Sciences, where 1,800 students are enrolled.

According to the prospectus, the group posted a net profit of SAR 232 million in 2023, while the adjusted net profit (excluding the Riyadh hospital) amounted to SAR 414 million for the same year, up 15.3% year-on-year. The profit margin stood at 18.3% by year-end.

The company intends to use the IPO proceeds, as well as other financial inflows including cash and loans, to finance the group’s growth strategy and for public purposes, after deducting the offering fees amounting to SAR 75 million.

Company Profile

Company

Fakeeh Care Group

Market

TASI

Core Activities

Healthcare

Current Capital

SAR 200 mln

Post-IPO Capital

SAR 232 mln

Current Number of Shares

200 mln

Post-IPO Number of Shares

232 mln

Par Value

SAR 1/share

IPO Summary

Issue Percentage

24.9% (or 21.47% of post-IPO capital)

Number of Shares Offered

49.80 mln

Qualified Subscribers

Participating institutions and individuals

IPO Minimum Limit for Retail Investors

10 shares

IPO Minimum Limit for Institutional Investors

1,000 shares

IPO Maximum Limit for Retail Investors

250,000 shares

IPO Maximum Limit for Institutional Investors

11.60 mln shares

Institutional Offering and Book-Building Period

May 2-8, 2024

Retail Offering

May 21-22, 2024

Final Allocation

May 27, 2024

Surplus Refund (If any)

June 4, 2024

Additional Information

Financial Advisor, Lead Manager, Bookrunner and Underwriter 

HSBC 

Bookrunners 

EFG Hermes KSA – ANB Capital 

Receiving Banks 

Al Rajhi Bank – SNB – Bank AlJazira – ANB – Alinma Bank – SAB 

Major Shareholders

Shareholders

Pre-IPO

Post-IPO

Number of Shares

(mln shares)

Ownership (%)

Number of Shares

(mln shares)

Ownership (%)

Mazen Soliman Abdulkader Fakeeh

79.98

39.99%

71.42

 30.79%

Ammar Soliman Abdulkader Fakeeh

79.98

39.99%

71.42

 30.79%

Manal Soliman Abdulkader Fakeeh

39.99

20.00%

35.71

15.39%

Public

—

—

49.80

21.47%

Total

200

100%

228.35

100%

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Argaam EN – https://www.argaam.com/en/article/articledetail/id/1721907

Tags: business‎Fakeehlodges
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