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Saudi Arabia’s Fakeeh Care Group Announces IPO

Fakeeh Care Group to Go Public in Saudi Arabia

RIYADH - The Fakeeh Care Group, one of the largest private hospital groups in Saudi Arabia, has announced its intention to proceed with an initial public offering (IPO). The group plans to offer a 21.47% stake through the sale of both existing and new shares.

The family-owned business, which operates hospitals in Jeddah and Riyadh, intends to offer 30 million new shares and 19.8 million existing shares to investors. However, the group has not disclosed the amount it hopes to raise or the potential valuation of the company.

This move is in line with Riyadh’s efforts to deepen its capital markets by encouraging more family-owned companies to list. This strategy is part of a broader reform aimed at reducing the country’s reliance on oil revenue.

The announcement from the Fakeeh Care Group is the second IPO plan revealed in the kingdom on Wednesday. This suggests a resurgence in the IPO market following a brief hiatus earlier this month when markets closed for the Eid holiday.

In related news, Miahona, a Saudi Arabian water and wastewater infrastructure company, also announced share sale plans on Wednesday.

The Saudi Exchange, the largest and most liquid stock market in the Arab world has witnessed a surge in listings from the healthcare sector over the past three years. This includes listings from the hospital group Dr. Sulaiman Al Habib, the pharmaceutical group Al Nahdi Medical Co, and the generic drugmaker Jamjoom Pharmaceuticals Factory Co.

The announcement from the Fakeeh Care Group underscores the growing trend of healthcare listings on the Saudi Exchange and the broader shift in the Saudi economy away from its traditional oil base.



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