11 hours ago
EFG Hermes leads Specialized Medical Company's debut on Tadawul
Egypt - EFG Hermes, an EFG Holding Company, closed its advisory on the $500 million initial public offering (IPO) of Specialized Medical Company (SMC), marking its third IPO in the healthcare sector over the past 12 months.
The company began trading on the Main Market of the Saudi Exchange (Tadawul) on 26 June under the ticker 4019, according to a press release.
The Saudi group offered a total of 30% of its total issued share capital through the sale of 75 million ordinary shares at SAR 25 per share, implying a market cap of SAR 6.25 billion ($1.66 billion).
The orders recorded during the institutional book-building crossed SAR 121.30 billion, representing a coverage of 64.7x.
Karim Meleka, Co-Head of Investment Banking at EFG Hermes, said: 'Despite heightened geopolitical tensions in the region, the offering attracted overwhelming interest from a diverse base of local, regional, and international investors — a clear vote of confidence not only in SMC's fundamentals but also in the resilience of Saudi Arabia's capital markets and the strength of its macroeconomic outlook.'
EFG Hermes acted as a joint financial advisor, joint bookrunner, and joint underwriter on the transaction. The company recently concluded its advisory on the listing of U Consumer Finance (Valu) on the Egyptian Exchange (EGX).
