Almoosa Health IPO 408.7% covered, 6 shares/subscriber

Logo of Almoosa Health Co.

Almoosa Health Co. announced today, Dec. 29, the successful completion of its retail subscription for listing on the Main Market (TASI).

In a press statement, the company said that the retail subscription, which ran from Dec. 23-24, saw subscription to 395,986 shares at the final offer price of SAR 127 per share.

The retail tranche was 408.71% covered, with a total value of SAR 1.4 billion.

A minimum of six shares will be allocated per investor, said the company, adding that the allocation of rump shares will be on a pro-rata basis, at an average allocation factor of 3.33%.

For More IPOs

Almoosa also expects its shares to debut on TASI after fulfilling all legal and regulatory requirements.

The listing date will be announced on Tadawul website, the company noted.

According to data available to Argaam, retail investors began, on Dec. 23, subscribing to 2.66 million shares of the company at SAR 127 each, as determined through the book-building process.

The retail tranche accounts for 20% of the total offering.

In September, the Capital Market Authority (CMA) approved Almoosa’s request to float 13.29 million shares, or 30% of the post-IPO capital, on TASI. The offering also represents 37.97% of the pre-IPO capital, with a nominal value per share of SAR 10.

Almoosa started its operations in 1994 as a branch of Abdulaziz Abdullah Abdulwahab Al-Moosa Trading Establishment under the name "Almoosa Specialist Hospital (Al-Ahsa)".

The company transformed into a limited liability company in 2018 and later became a closed joint-stock company in 2020.

Almoosa's pre-IPO capital reaches SAR 350 million, divided into 35 million shares, at a nominal value of SAR 10 each. The post-IPO capital will reach SAR 443.04 million, divided into 44.3 million shares.