Saudi bourse set to see its biggest listing since Aramco on Tuesday

RIYADH: Pharmacy chain operator Nahdi Medical Co. is set to start trading on Mar. 22 in Saudi Arabia’s biggest listing since oil giant Aramco.

With an offer price of SR131 ($35), Nahdi had raised $1.36 billion from its initial public offering, slightly higher than the $1.2 billion sold by ACWA Power a year earlier.

Ahead of listing, Nahdi generated an order book of $80 billion from institutional investors, while retail subscribers poured in $1.8 billion.  

The Jeddah-based pharma retailer currently operates over 1,150 pharmacies across the Kingdom and a rising number in the UAE.

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