Saudi healthcare provider SMC set to offload 30% stake
Specialized Medical Company (SMC), Saud Arabia's healthcare provider, intends to float 75 million shares or 30% of the company's capital, on the kingdom's main market.
The book-building process will start on May 11, and the final price announcement will be made on May 26, according to the company prospectus.
The retail subscription period will run from May 28 to 29, with the final allocation announcement on June 4.
The Capital Market Authority approved the company's application to list its shares on TASI in March.
Headquartered in Riyadh, SMC currently operates two hospitals in Riyadh. Three more hospitals are under development in the capital, which is expected to more than double the company's current capacity to 1,276 beds and 770 outpatient clinics.
The company has reported consistent revenue growth, with a 2021–2023 CAGR of 14%. Revenue hit SAR 1.37 billion in 2023 and SAR 1.1 billion for the first nine months of 2024.
Net profit grew at a 73.6% CAGR over the same period, with margins increasing from 5.3% in 2021 to 14.3% in 9M 2024.
(Editing by Seban Scaria seban.scaria@lseg.com )
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