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%
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