Al-Dawaa Medical allocates 10% of IPO shares to retail investors, announces timeline

23/01/2022 Argaam
Logo of Al-Dawaa Medical Services Co.

Logo of Al-Dawaa Medical Services Co.


Al-Dawaa Medical Services Co. (DMSCO) decided to proceed with its initial public offering (IPO) and list on the Saudi Exchange (Tadawul).

 

The step comes after the Capital Market Authority (CMA) approved the listing request on Dec. 22, 2021.

 

The company plans to offer 25.5 million shares, representing 30% of its SAR 850 million capital, in the IPO.

 

DMSCO’s shares will be sold in an IPO to retail and institutional investors, with all shares to be offered to institutional investors with the possibility of allocating 10% of the total IPO shares to retail investors, the company said.

 

The timeframe of the process has been set, with the book-building process set to begin on Feb. 13 until Feb. 17. The retail investors’ subscription period will run from Feb. 27 until March 1.

 

IPO Timeline

Item

Details

IPO intention announcement

Jan. 23, 2022

Book-building process

Feb. 13-17, 2022

Retail IPO

Feb. 27 to March 1, 2022

Shares allotment and surplus refund

March 9, 2022

 

DMSCO’s first pharmacy was established in 1993. It currently owns over 800 pharmacies across the Kingdom, in addition to wholesale and e-sales channels.

 

Company Profile

Company

Al-Dawaa Medical Services Co. (DMSCO)

Status

Active

Market

Tadawul-Main Market

Core Activities

Medical Services

Capital

SAR 96 mln

Capital after IPO

SAR 850 mln

 

IPO Highlights

Number of IPO shares

25.5 mln

Issue percentage (%)

30%

Participating categories’ share

25.5 million shares, representing 100% of the IPO shares. It will decrease to 90%, or 22.95 million shares, in case of retail investors IPO

Retail investors’ shares

2.55 million, representing 10% of the IPO shares

 

Additional Information

Financial advisor, lead manager, main underwriter and book runner

GIP Capital

Co-underwriters

Alinma Investment, ANB Invest

Receiving banks

Saudi National Bank, Saudi British Bank, Al Rajhi Bank, Riyad Bank

 

For More IPOs

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