Al Dawaa plans to list on Saudi Exchange’s main market

By Shilpa Annie Joseph, Official Reporter
  • Follow author on
Al Dawaa
Representational Image

Saudi Arabia-based leading pharmaceutical retail company Al Dawaa Medical Services Company (Al Dawaa) has revealed its intentions to list its ordinary shares on the Saudi Exchange’s Main Market.

According to the statement, “The company will offer 30 percent of its issued share capital, equivalent to 25,500,000 shares by way of a sale of existing shares by existing shareholders.” The Capital Market Authority approved the company’s application for the offering on 22 December 2021.

The company stated the final offer price of the ‘Offer Shares’ will be determined at the end of the book-building period.

Mr. Samir Mahmood Fayyad Abdulhadi, Chairman of Al-Dawaa commented that, “It has always been Al-Dawaa’s vision to be the leading pharmacy chain in Saudi Arabia and today’s announcement of our intention to go public represents a significant milestone in the achievement of this aim.”

“Our listing will support our ongoing expansion as well as enhance our position as a key contributor within the pharmaceutical sector to the realization of Saudi Arabia’s Vision 2030,” noted Mr. Abdulhadi.

Mr. Mohammed Saad Butti Al Farraj, CEO of Al-Dawaa remarked that, “I am proud of the business that we have built, which successfully combines high-quality service to our loyal customer base with state-of-the-art infrastructure and technology.”

“It is testament to our success that Al-Dawaa is one of the leading pharmacy chains in Saudi Arabia and today, one of the fastest-growing eCommerce platforms in Saudi Arabia as well. Moreover, we are well-positioned to continue to deliver our growth and expansion plans, underpinned by the attractive socio-economic backdrop within the Kingdom,” Mr. Al Farraj further added.

The company has appointed GIB Capital as the Financial Advisor, the Lead Manager, the Bookrunner, and the Lead Underwriter with respect to the offering.

In addition, the company has appointed Alinma Investment Company and ANB Invest as Joint Underwriters in relation to the offering (Underwriters). The Saudi National Bank, Al Rajhi Bank, the Saudi British Bank, and Riyad Bank have been appointed as selling agents.

Related: Saudi-based Muqassa plans clearing cooperation with regional markets