Almoosa Health sets IPO price range at SAR 123-127/shr

Almoosa Health Co. set the price range for its initial public offering (IPO), announcing the start of the institutional book-building process for participating parties, according to a statement to Tadawul.

The IPO price range was set between SAR 123 and SAR 127 per share, implying a total offering size between SAR 1.63 billion and SAR 1.69 billion.

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The price range implies a market capitalization of SAR 5.45 billion to SAR 5.62 billion.

Cornerstone investors The Company for Cooperative Insurance (Tawuniya) and Al Fozan Holding Co. have committed to subscribe to 2.92 million shares, representing 22% of the offering, at the IPO price.

Tawuniya will subscribe to 1.82 million shares, while Al Fozan Holding will buy 1.11 million shares (4.1% and 2.5% of post-IPO capital, respectively). Both aim to leverage their expertise and partnerships to drive growth.

The company described the cornerstone investors as key players in the Saudi market, focused on driving growth through value-enhancing initiatives, operational expertise, and strategic partnerships.

Their involvement is expected to support Almoosa Health’s long-term growth and strategic goals.

Almoosa Health plans to float 13.29 million shares, representing 30% of post-IPO capital (37.97% of pre-IPO capital), on the Main Market (TASI), at a nominal value of SAR 10 apiece, Argaam reported.

The institutional offering will run from Dec. 4 until Dec. 10. The retail offering will run from Dec. 23-24.

A maximum of 2.66 million shares, or 20% of the offer shares, will be allocated to retail investors.