Logo of Dr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care Group)
Retail investors start today, May 21, subscribing to about 4.98 million shares of Dr. Soliman Abdulkader Fakeeh Hospital Co. (Fakeeh Care Group) at SAR 57.50 each, as set in the book-building process.
The retail subscription will end on May 22.
The Capital Market Authority (CMA) approved in March 2024 the company's request to float 49.8 million shares in an initial public offering (IPO), representing 21.47% of its post-IPO capital.
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.
The newly-issued shares and the shares put for sale represent 12.93% and 8.53% of the post-IPO issued capital, respectively.
The company’s institutional offering, which ended last week, was 119x covered.
The IPOs of Fakeeh Care and Miahona Co. are the third and fourth, respectively, this year, after Middle East Pharmaceutical Industries Co. (Avalon Pharma) flotations on January 30 and Modern Mills Co. on March 5.
Last year, the main market witnessed eight IPOs, namely, Morabaha Marina Financing Co. (MRNA), Mawarid Manpower Co., Jamjoom Pharmaceuticals Factory Co., First Milling Co., Lumi Rental Co., ADES Holding Co., SAL Saudi Logistics Services Co., and MBC Group.
Company Profile
Headquartered in Jeddah, Fakeeh Care is a closed joint-stock Saudi company, founded as a sole proprietorship in 1978.
The company's main activities include owning, operating, and managing hospitals, clinics, and other healthcare facilities, as well as medical education and training centers, laboratories, radiology centers, and pharmacies.
Fakeeh Care has three segments: medical services, education, as well as trade and retail trading.
The group is one of the few companies operating in the Saudi healthcare sector that has adopted the hub-and-spoke model of healthcare applied in the US.
This model involves establishing a multi-specialty hospital as a hub for an integrated range of medical services provided by the group as a whole, connected to multiple sub-entities such as medical centers, emergency services, and other sub-facilities that offer a variety of medical services.
The group, one of the largest private sector healthcare providers in the Kingdom, has been operating in this field for over 45 years. It also enjoys widespread recognition across the Gulf region.
Fakeeh Care has nine branches in various cities within the Kingdom, including Makkah, Jeddah, and NEOM.
Subsidiaries
The company owns three major subsidiaries and 11 minor subsidiaries. Below is a table detailing the major subsidiaries:
|
Subsidiaries |
||||
|
Subsidiary |
Date of Registration in Commercial Register |
Capital (SAR mln) |
Ownership |
Revenues 2022 (SAR mln) |
|
Medical Fakeeh |
2008 |
0.5 |
75% |
307.5 |
|
Dr. Soliman Fakeeh Hospital-Riyadh |
2016 |
571.1 |
60.56 % |
9.46 |
|
Dr. Soliman Fakeeh Hospital-Jeddah |
2003 |
1.0 |
80 % |
87.7 |
Multispecialty Hospitals:
The group currently owns two multispecialty hospitals, namely Dr. Soliman Fakeeh Hospital in Jeddah and Dr. Soliman Fakeeh Hospital in Riyadh. Additionally, it operates Neom Hospital under the framework agreement for providing medical services signed with Neom Co. in March 2023.
The group also provides healthcare services through four medical centers that function as supporting branches within the hub-and-spoke model adopted by the group.
|
Multispecialty Hospitals |
||
|
Details |
Jeddah Hospital Complex |
Riyadh Hospital |
|
Inauguration |
1978 |
2022 |
|
Employees |
1,800 healthcare practitioners |
200 doctors |
|
Capacity |
400 beds 134 clinics 108 ICU rooms 15 emergency operating rooms |
185 beds 55 outpatient clinics 10 operations rooms 10 ICU rooms 10 cardiac ICU beds 8 neonatal care rooms |
|
Total Hospital Building Area |
83,500 m² |
5,000 m² |
Current and Future Projects
The group is working on establishing three additional new hospitals in the Kingdom: a 200-bed tertiary healthcare hospital in Madinah, a 200-bed hospital in Makkah, and a 300-bed hospital in South Obhur, Jeddah. Additionally, there will be an additional expansion of the Jeddah Hospital Complex with an extra 140-bed capacity, bringing the total number of the group’s hospitals to six.
The number of beds in the group’s hospitals will gradually increase from 635 beds as of the company's publication date to 1,475 beds by 2028, upon completion of these projects.
As for medical centers, the group is working on establishing five additional new medical centers in the Kingdom, with an expected total cost of SAR 405 million.
These include Dr. Soliman Fakeeh Medical Center in Al Awali District, Makkah; Dr. Soliman Fakeeh Medical Center in North Obhur District, Jeddah; and Soliman Fakeeh Medical Center in Al-Hamra District, Riyadh, as well as two additional medical centers in Riyadh whose locations have yet to be determined.
This will bring the total number of healthcare centers owned by the group to 10 within the next three years, upon completion of these projects.
|
Company Profile |
|
|
Company |
Dr. Soliman Abdulkader Fakeeh Hospital Co. |
|
Market |
TASI |
|
Core Activities |
Healthcare |
|
Capital Pre-IPO |
SAR 200 mln |
|
Post-IPO Capital |
SAR 232 mln |
|
Current Number of Shares |
200 mln |
|
Post-IPO Number of Shares |
232 mln |
|
Par Value |
SAR 1/share |
|
IPO Summary |
|
|
Issue Percentage |
21.47% of post-IPO capital |
|
Offering Price |
SAR 57.50 |
|
Number of Shares Offered |
4.98 mln |
|
Qualified Subscribers |
|
|
IPO Minimum Limit for Retail Investors |
10 shares |
|
IPO Maximum Limit for Retail Investors |
250,000 shares |
|
Retail Offering |
May 21-22, 2024 |
|
Final Allocation |
May 27, 2024 |
|
Surplus Refund (If any) |
June 4, 2024 |
|
Additional Information |
|
|
Financial Advisor, Lead Manager, Bookrunner and Underwriter |
HSBC |
|
Bookrunners |
EFG Hermes KSA and ANB Capital |
|
Receiving Banks |
SAB, Alinma Bank, ANB, SNB. Al Rajhi Bank, and Bank AlJazira |
|
Major Shareholders |
||||
|
Shareholders |
Pre-IPO |
Post-IPO |
||
|
Number of Shares (mln shares) |
Ownership (%) |
Number of Shares (mln shares) |
Ownership (%) |
|
|
Mazen Soliman Abdulkader Fakeeh |
79.98 |
39.99 % |
71.42 |
30.79% |
|
Ammar Soliman Abdulkader Fakeeh |
79.98 |
39.99 % |
71.42 |
30.79% |
|
Manal Soliman Abdulkader Fakeeh |
39.99 |
20.00 % |
35.71 |
15.39 % |
|
Treasury Shares* |
-- |
-- |
2.00 |
0.86 % |
|
Employee Investment Fund Allocated Shares |
-- |
-- |
1.60 |
0.69 % |
|
Public |
-- |
-- |
49.80 |
21.47 % |
|
Total |
200.0 |
100 % |
232.0 |
100 % |
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}