Saudi Arabia’s Middle East Healthcare Company (Meahco), which owns Saudi German Hospitals, has raised SR12 billion ($3.2 billion) from its initial public offering (IPO) last month, according to the bank that organised the sale.
Samba Capital & Investment Management Company issued a statement announcing the closing of the MEAHCO IPO on the Tadawul stock exchange that ran in March.
The IPO, which was scheduled to run in February but was postponed to March 3-9, involved the sale of 27.61 million shares, representing 30 percent of MEAHCO’s share capital.
The total amount of generated combined orders was SR12 billion, Samba Capital said. The coverage ratio of institutional investors was 593.7 percent, while the coverage of individual investors was 274.2 percent.
In the statement, MEAHCO chairman Sobhi A Batterjee was quoted as saying: “We are very pleased with the outcome of the IPO. It is an important milestone in the company’s successful journey.
“We welcome [investors] as our shareholders and partners and are committed to operating as a responsible publicly listed company, and continuing to offer quality medical care to our patients and create value for our shareholders.
“MEAHCO is operating in a sector with a bright outlook, and has exciting growth prospects, with a number of expansion projects already underway.”
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