Riyadh's Fakeeh Care Group Unveils Plans for Major IPO

Riyadh's Fakeeh Care Group Unveils Plans for Major IPO

By Staff Writer, 25 April 2024

Saudi Arabia's renowned Fakeeh Care Group, a leading private healthcare provider in the nation, revealed its intentions on Wednesday (April 24) to initiate an initial public offering (IPO) by offering a 21.47% stake in both existing and new shares.

In a statement, the family-owned conglomerate, renowned for its hospitals in Jeddah and Riyadh, disclosed plans to present 30 million fresh shares alongside 19.8 million existing shares to potential investors.

While specifics on the expected capital raise and the company's valuation were not disclosed, the move aligns with Riyadh's broader agenda of bolstering its capital markets by encouraging more family-owned enterprises to go public.

Such initiatives are integral to the kingdom's economic reforms, aimed at diversifying revenue streams away from oil.

This announcement marks the second IPO unveiling in Saudi Arabia on the same day, signaling a revitalization of the IPO market following a brief hiatus earlier this month during the Eid holiday closure.

Source: Hadeel Al Sayegh / Reuters

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