Logo of Dr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care Group)
Dr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care Group) announced issuing the preliminary prospectus for floating 49.8 million shares on the main market (TASI).
At the end of last March, the company obtained the approval of the Capital Market Authority (CMA) on the initial public offering (IPO).
The offering will be through the issuance of 30 million new ordinary shares, paired with the sale of 19.8 million existing ordinary shares by the selling shareholders, according to the prospectus.
Shares put for sale and the newly-issued shares represent 8.53% and 12.93%, respectively, of the post-IPO issued capital, or 21.47% of the issued capital after the issuance of the new shares and the capital increase.
The group’s healthcare facilities and assets include 835 beds in four hospitals: Dr. Soliman Fakeeh Hospital in Jeddah, Dr. Soliman Fakeeh Hospital in Riyadh, Dr. Soliman Fakeeh Hospital in Madinah (to be inaugurated soon), and NEOM Hospital which will run via an operational contract. These facilities boast about 900 doctors.
At its facilities, Fakeeh Care Group features five outpatient healthcare centers (including NEOM's Advanced Care Center through an operational contract), in which 220 doctors are employed, in addition to many other integrated healthcare services.
The group also owns Fakeeh College for Medical Sciences, where 1,800 students are enrolled.
According to the prospectus, the group posted a net profit of SAR 232 million in 2023, while the adjusted net profit (excluding the Riyadh hospital) amounted to SAR 414 million for the same year, up 15.3% year-on-year. The profit margin stood at 18.3% by year-end.
The company intends to use the IPO proceeds, as well as other financial inflows including cash and loans, to finance the group's growth strategy and for public purposes, after deducting the offering fees amounting to SAR 75 million.
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Company Profile |
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Company |
Dr. Soliman Abdulkader Fakeeh Hospital Co. |
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Market |
TASI |
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Core Activities |
Healthcare |
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Current Capital |
SAR 200 mln |
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Post-IPO Capital |
SAR 232 mln |
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Current Number of Shares |
200 mln |
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Post-IPO Number of Shares |
232 mln |
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Par Value |
SAR 1/share |
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IPO Summary |
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Issue Percentage |
24.9% (or 21.47% of post-IPO capital) |
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Number of Shares Offered |
49.80 mln |
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Qualified Subscribers |
Participating institutions and individuals |
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IPO Minimum Limit for Retail Investors |
10 shares |
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IPO Minimum Limit for Institutional Investors |
1,000 shares |
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IPO Maximum Limit for Retail Investors |
250,000 shares |
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IPO Maximum Limit for Institutional Investors |
11.60 mln shares |
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Institutional Offering and Book-Building Period |
May 2-8, 2024 |
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Retail Offering |
May 21-22, 2024 |
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Final Allocation |
May 27, 2024 |
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Surplus Refund (If any) |
June 4, 2024 |
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Additional Information |
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Financial Advisor, Lead Manager, Bookrunner and Underwriter |
HSBC |
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Bookrunners |
EFG Hermes KSA - ANB Capital |
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Receiving Banks |
Al Rajhi Bank - SNB - Bank AlJazira - ANB - Alinma Bank - SAB |
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Major Shareholders |
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Shareholders |
Pre-IPO |
Post-IPO |
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Number of Shares (mln shares) |
Ownership (%) |
Number of Shares (mln shares) |
Ownership (%) |
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Mazen Soliman Abdulkader Fakeeh |
79.98 |
39.99% |
71.42 |
30.79% |
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Ammar Soliman Abdulkader Fakeeh |
79.98 |
39.99% |
71.42 |
30.79% |
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Manal Soliman Abdulkader Fakeeh |
39.99 |
20.00% |
35.71 |
15.39% |
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Public |
-- |
-- |
49.80 |
21.47% |
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Total |
200 |
100% |
228.35 |
100% |
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