Saudi pharmacy chain Nahdi joins round of IPOs

DUBAI, Feb 20 (Reuters) – Nahdi Medical Co, the leader in Saudi Arabia’s retail pharmacy market, announced on Sunday plans to list on the local stock exchange by selling 30% of its shares, joining a series of new offerings initial public in the kingdom. .

Nahdi has 1,151 pharmacies, serving the needs of more than 100 million customers, as well as polyclinics and express clinics, he said.

It posted revenue of 8.6 billion riyals ($2.3 billion) in 2020, reflecting a three-year compound annual growth rate of 8.4%, above the industry average for retailers by 7.9%, Nahdi said.

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The offering price will be determined at the end of a bookkeeping period, which a company executive said is expected to begin in March.

Nahdi has appointed HSBC Saudi Arabia and SNB Capital as joint financial advisers, bookrunners and underwriters.

Saudi Arabia has seen a flurry of IPOs since listing oil giant Saudi Aramco (2222.SE) at a record $29.4 billion listing in 2019.

The country’s stock exchange operator Tadawul, also listed last year, said in December it had received 50 IPO applications from companies this year and was considering whether or not to allow blank check companies. , known as SPAC, to register. Read more

($1 = 3.7522 riyals)

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Reporting by Saeed Azhar; Editing by William Mallard

Our standards: The Thomson Reuters Trust Principles.

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