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RIYADH: Nahdi Medical Co., which operates one of the largest pharamcy chains in Saudi Arabia, plans to collect up to SR5.12 billion ($1.36 billion) from its initial share sales to the public.

Nahdi set a price range between SR119 and SR131 per share for the 39 million shares offered, representing 30 percent of its capital, according to a bourse filing. 

The book-building process, led by SNB Capital and HSBC Saudi Arabia, will begin on March 1 and run through March 7.

SNB Capital Co. and HSBC Saudi Arabia are the joint financial advisors, bookrunners, and underwriters on the potential IPO.

Ahead of its IPO, Nahdi posted a net profit of SR849 million in 2020. The Jeddah-based pharma retailer made revenues of SR8.6 billion during the year, it earlier said in a filing to the Saudi bourse.

With presence across Saudi Arabia and the UAE, the company held a 31 percent market share of total pharmacy sales in the Kingdom as end of 2021.

Nahdi currently operates over 1,150 pharmacies across the Kingdom and a rising number in the UAE, the company’s chief executive, Yasser Joharji, said in a press briefing last month.

 

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