Latham & Watkins and Mohammed AlDhabaan and Partners Eversheds Sutherland advised parties on the initial public offering (IPO) of Almoosa Health Company on the main market of the Saudi Exchange, marking the first listing in the Kingdom of Saudi Arabia this year.
The hospital operator raised a total of SAR 1.69 billion (US$449 million) by offering 13.3 million shares, representing a 30% stake, by way of a primary issuance and secondary sale.
The final offer price was set at SAR 127 per share.
Cornerstone investors participating in the IPO include the Company for Cooperative Insurance (Tawuniya) and Al Fozan Holding Company, who subscribed to 4.1% and 2.5%, respectively, of the company’s capital.
Concurrently with the IPO, an employee investment fund purchased 0.3% of the company’s capital on behalf of authorised employees wishing to invest in the IPO.
Latham advised Almoosa Health on the IPO. The team was led by Riyadh partners Salman Al-Sudairi and Najla Al-Gadi, with Riyadh associates Aya AlHumaid and Saba Al-Gosaibi.
Mohammed AlDhabaan and Partners Eversheds Sutherland advised BSF Capital as financial advisor and lead manager of the offering, according to the IPO prospectus, and EFG Hermes KSA as the bookrunners and underwriters.
Almoosa Health operates 730 beds across two hospitals in Saudi Arabia and generated SAR 870 million in revenue during the first nine months of 2024, according to its IPO prospectus. The company plans to open two additional hospitals by 2028.
Healthcare is a key component of Saudi Arabia’s Vision 2030. Dr Soliman Abdel Kader Fakeeh Hospital Company led 2024’s IPO market with a US$763 million listing which involved Baker McKenzie and White & Case.
