Saudi healthcare provider Almoosa Health plans to raise as much as 1.688 billion riyals ($449.3 million) from selling a 30% stake in the company via an initial public offering on the Riyadh bourse, it said on Wednesday.
In a statement the company said the price range for the offering had been set at 123-127 riyals per share, implying a market capitalization of between 5.45 billion riyals and 5.62 billion riyals.
Almoosa, whose services include primary, critical, and rehabilitative care, could be the Gulf country's second biggest IPO so far this year after Fakeeh Care Group (4017.SE), opens new tab raised$763.5 million with a listing in May. Cornerstone investors Tawuniya and Alfozan Holding Company have committed to subscribe to a combined 22% of the shares on offer, Almoosa said. The final offer price will be determined at the end of the institutional book-building period starting on Wednesday and running until Dec. 10.
Saudi Fransi Capital was appointed financial advisor and lead manager for the offer. It is also acting as underwriter and bookrunner together with EFG-Hermes.
