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Sources to Bloomberg: Almoosa Health Group plans to list on the Saudi Exchange

The Clap

Almoosa Health Group plans to go public on the Saudi stock exchange this year, sources told Bloomberg.

What

The report indicated that the healthcare-focused group has appointed Saudi Fransi Capital for consultation regarding the potential initial public offering (IPO). It’s worth noting that “Almoosa Health Group manages a network of 750 patient beds across the Eastern Region of the Kingdom.

So What

Saudi Arabia has witnessed a “significant increase” in IPOs over the past two years, alongside the UAE. This results from the Gulf region benefiting from stock flows, increased investor interest, and rising energy prices. The IPOs in the region raised USD 10.5 billion last year, marking the “third-best year” since 2007 for Gulf Arab states.

Some Context

The listing of healthcare companies in Saudi Arabia is growing, thanks to expanding the financial market beyond the banking and petrochemical sectors. Jamjoom Pharma successfully raised USD 335 million in its IPO, with its share price doubling since then.

Now What

The Middle East Pharmaceutical Industries Company, known as Avalon Pharma, plans to offer 6 million shares for public subscription, representing 30% of its capital. The offer price range for the shares is set between SAR 78 and SAR 82 per share, with expectations for the first listing in Riyadh this year.