Dubai: Saudi Arabia’s Fakeeh Care Group, one of the largest private hospital groups in the kingdom, said on Wednesday it planned to proceed with an initial public offering (IPO) through the sale of a 21.47 per cent stake in existing and new shares.
The family-owned business, with hospitals in Jeddah and Riyadh, plans to offer 30 million new shares and 19.8 million existing shares to investors, it said in a statement.
It did not say how much it hoped to raise, nor give a potential valuation for the company.
Riyadh has been encouraging more family-owned companies to list in a bid to deepen its capital markets as part of reforms aimed at reducing the country’s reliance on oil revenue.
The plan is the second announced in the kingdom on Wednesday as the IPO market picks up steam following a short hiatus earlier this month when markets closed for the Eid holiday.
Saudi Arabian water and waste water infrastructure company Miahona also announced share sale plans on Wednesday.
Saudi Exchange, the largest and most liquid stock market in the Arab world, has seen a surge in listings from the healthcare sector in the last three years, including hospitals group Dr Sulaiman Al Habib, pharmaceutical group Al Nahdi Medical Co, and generic drugmaker Jamjoom Pharmaceuticals Factory Co.
