Latest news with #EjadaSystems
Bloomberg
16 hours ago
- Business
- Bloomberg
Saudi Tech Firm Ejada to Reapply for IPO After Approval Expires
Saudi Arabian technology services company Ejada Systems Ltd. is planning to reapply with kingdom's regulator for its initial public offering, according to people familiar with the matter. The kingdom's Capital Markets Authority approved the firm's IPO plans in December, but its six-month window to list has since lapsed. Ejada will provide updated financial disclosures to the CMA when it reapplies, the people said, asking not to be identified as the information is private.
Yahoo
11-05-2025
- Business
- Yahoo
Saudi Hospital Operator's $500 Million IPO Sells Out in Hours
(Bloomberg) -- Saudi Arabian hospital operator Specialized Medical Co. had demand for all the shares on offer in its $500 million initial public offering, hours after books opened on the deal in Riyadh. As Trump Reshapes Housing Policy, Renters Face Rollback of Rights Is Trump's Plan to Reopen the Notorious Alcatraz Prison Realistic? A New Central Park Amenity, Tailored to Its East Harlem Neighbors What's Behind the Rise in Serious Injuries on New York City's Streets? NYC Warns of 17% Drop in Foreign Tourists Due to Trump Policies SMC, as the company is known, will sell a 30% stake, or 75 million shares, at 24 riyals to 25 riyals ($6.40-$6.67) apiece, according to a statement on Sunday. Demand exceeded the number of shares on offer throughout the price range, according to terms of the deal seen by Bloomberg News. Bookbuilding for institutional investors runs until May 15. The top end of the price range implies a valuation of just under $1.7 billion. A handful of Middle Eastern firms are pressing ahead with IPO plans, defying broader market volatility linked to US trade policy. Saudi low-cost carrier Flynas Co. could raise about $1 billion in what would be the first Gulf airline listing in nearly two decades. Tech firm Ejada Systems Ltd. is also preparing to launch an IPO, Bloomberg News has reported. In the United Arab Emirates, a conglomerate owned by Dubai's ruler is preparing to list a rare real estate investment trust to capitalize on the city's property boom. Get the Mideast Money newsletter, a weekly look at the intersection of wealth and power in the region. Health care is a key pillar of Crown Prince Mohammed bin Salman's Vision 2030 plan, as Saudi Arabia braces for population growth and rising life expectancy. Local hospital operators have sought to capitalize on the sector's expected growth by going public. Dr. Soliman Abdel Kader Fakeeh Hospital and Almoosa Health Co. raised $763 million and $450 million respectively, ranking among the largest IPOs in Saudi Arabia in 2024. SMC operates two hospitals in Riyadh and plans to build three more in the city's northern region. It reported revenues of 1.4 billion riyals in 2024 and a net profit of 185 million riyals. --With assistance from Omar Tamo. (Updates with demand in second graph.) US Border Towns Are Being Ravaged by Canada's Furious Boycott How the Lizard King Built a Reptile Empire Selling $50,000 Geckos Maybe AI Slop Is Killing the Internet, After All With the New York Liberty, Clara Wu Tsai Aims for the First $1 Billion Women's Sports Franchise Pre-Tariff Car Buying Frenzy Leaves Americans With a Big Debt Problem ©2025 Bloomberg L.P. Sign in to access your portfolio
