Saudi Arabia's Nahdi Medical set to raise up to $1.36 billion in IPO

DUBAI - Nahdi Medical Co, Saudi Arabia's market leader in retail pharmacies, is set to raise up to 5.11 billion riyals ($1.36 billion) in its initial public offering (IPO) after the company disclosed an indicative price range on Tuesday.

The offering's price range was set at 119 riyals-131 riyals a share, according to a bourse filing. The company is selling 39 million shares to investors, representing a 30% stake in the company.

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

Saudi Arabia has witnessed a surge of IPOs since it listed oil giant Saudi Aramco in a record $29.4 billion listing in 2019.

The country's bourse operator Tadawul, which also listed last year, said in December it had 50 applications from companies for IPOs this year and is considering whether to allow blank-cheque companies, known as SPACs, to list.