Saudi Arabia-based leading pharmaceutical retail company Al Dawaa Medical Services Company (Al Dawa) has completed its listing on the Saudi Exchange’s Main Market.
The listing ceremony was attended by Mr. Mohammed Al-Rumaih, CEO of Saudi Exchange, Mr. Samir Abdulhadi, Chairman of Al-Dawaa, and Mr. Mohammed Al-Farraj, CEO of Al-Dawaa, alongside leading board members.
“This occasion is of special importance for the Saudi Exchange, as Al-Dawaa Medical Services Company is the first company specialized in the field of pharmaceutical retail to be listed in the Saudi Exchange, after the efforts of “ Encouraging Privet Sector to List in the Saudi Capital Market Committee” under the umbrella of the Financial Sector Development Program by overcoming obstacles to listing companies from various sectors such as the pharmaceutical retail sector, which contributes to the attractiveness of the market to investors and its ability to provide an investment environment that meets the needs of various sectors.”
The Saudi Exchange CEO further added that, “This listing, which is the fourth listing in the Main Market since the beginning of this year, also contributes to increasing and diversifying the listed securities in the market, and enhancing investment opportunities available to investors, as Al-Dawaa Medical Services has a leading position as one of the largest retail pharmacies chain in the Kingdom, and to list in the main market will enable it achieving its ambitious plans for growth and expansion.”
Meanwhile, Mr. Mohammed Al-Farraj, CEO, Al-Dawaa Medical Services Company remarked that “Our listing on the Saudi Exchange marks an important step in our journey. We are excited to enter a new phase of achievement, building on our success of the past 30 years. We are proud to be the first pharmaceutical company to list on the largest capital market in the MENA region. Our efforts have been amplified over the past five years to realize our vision, and our new strategy has been launched in line with the Kingdom’s Vision 2030.”
Earlier this year Al-Dawa revealed its interest to list its ordinary shares in the Saudi Exchange’s Main Market. The company appointed GIB Capital as the Financial Advisor, the Lead Manager, the Bookrunner, and the Lead Underwriter concerning the offering.
Established in 1993, Al-Dawa Medical Services is one of the largest pharmaceutical retailers in Saudi Arabia, with an extensive network of more than 900 pharmacies spread across the Kingdom.
The company has floated 25.5 million ordinary shares, representing 30 percent of its capital of $226 million. The IPO order book was oversubscribed 78.95 times and 25 times oversubscribed in the retail tranche with the final offer valued at $19.45 per share, indicating a market capitalization of $1.6 billion.