Sulaiman Al Habib Group prices IPO at SAR 50 per share

Dr. Sulaiman Al Habib Medical Group (HMG) successfully completed the book-building process for its initial public offering (IPO), financial advisers, Jadwa Investment and Riyad Capital, said in a statement to Argaam.

The medical group priced its IPO at SAR 50 per share, the top of its indicative range. Institutional investors subscribed to 52.5 million shares, or 100% of offered shares, the statement added.

On the other hand, up to 10% of the offering size (5.25 million shares) will be allocated to retail investors.

The retail offering will run from Feb. 26 through March 3.

The lead manager, after obtaining the approval of the Capital Market Authority (CMA), has the right to scale back the number of shares allocated for institutional investors to 47.25 million shares, or 90% of the offering size.

The final allocation will be announced following the completion of the retail offering.