Latest news with #SpecializedMedicalCo
Bloomberg
29-05-2025
- Business
- Bloomberg
Saudi Hospital Operator Claws Back Dividends During IPO Process
Specialized Medical Co., which operates hospitals in Saudi Arabia, is set to close the institutional books for its initial public offering after existing shareholders agreed to return recently paid dividends and the company issued a revised prospectus. The dividends, totaling 200 million riyals ($53 million), will be returned to the company by the end of June, SMC said in a second prospectus issued on May 25. The firm also announced a reset of the institutional order book, and held a call with investors two days later.
Argaam
26-05-2025
- Business
- Argaam
SMC extends book-building period
Specialized Medical Co. (SMC) said investors who already participated in the book-building process are offered the opportunity to either amend or cancel their bids submitted during the book-building period. As a result, the book-building period and the overall offer timeline were extended to allow sufficient time for qualifying investors to review the secondary supplementary prospectus and revisit their bids. During the extended book-building period, no new applications from investors will be allowed or accepted by the book-runners. SMC reaffirmed its full commitment to the IPO and listing process, adding that the IPO remains on track, and the fundamentals of the business and its long-term growth strategy remain unchanged. In its second supplementary prospectus issued on May 25, the company announced the postponement of the retail offering until June 15, 2025. The firm plans to float 75 million shares on the Main Market. These shares represent 30% of the company's SAR 250 million capital, according to data available with Argaam. New IPO Timetable Book-building Period Extension May 26-29, 2025 Final Price June 3, 2025 New Retail Offering Period June 15-16, 2025 Final Allocation June 24, 2025 Refund of Surplus Funds June 24, 2025
Al Arabiya
21-05-2025
- Business
- Al Arabiya
Saudi airline Flynas draws $109 bln in orders for IPO
Saudi Arabia's Flynas attracted about 410 billion riyals ($109 billion) in orders for its $1.1 billion initial public offering, underscoring strong investor appetite for Middle Eastern listings. The low-cost carrier priced its share sale at 80 riyals apiece, the top of the marketed range, implying a market capitalization of 13.7 billion riyals. The institutional tranche was nearly 100 times oversubscribed on strong local and international demand, according to a statement on Wednesday. With retail orders still to come, the final book is expected to be even larger. Flynas' planned listing on the Riyadh stock exchange will comprise a mix of new shares and stock offered by existing investors including Prince Alwaleed bin Talal's Kingdom Holding Co. and National Flight Services Co. The proceeds are earmarked for fleet expansion and the launch of additional operational hubs. A rebound in global stock prices is luring firms looking to go public off the sidelines after the worst of the tariff-induced market volatility appears to be over. In the Middle East, which has been a hub for new share sales over the past few years, a handful of companies have launched IPOs in recent weeks and garnered strong demand. Saudi hospital operator Specialized Medical Co.'s $500 million IPO sold out in hours, and cardboard manufacturer United Carton Industries Co. drew more than $20 billion in orders. Over in the United Arab Emirates, Dubai Holding attracted $15 billion in orders for the $584 million IPO of its residential real estate investment trust.
Argaam
12-05-2025
- Business
- Argaam
SMC issues supplementary prospectus with Tawuniya as cornerstone investor
Specialized Medical Co. (SMC) issued a supplementary prospectus, disclosing that it received a binding commitment from The Company for Cooperative Insurance (Tawuniya) to subscribe as a cornerstone investor for 5.875 million shares in the offering, representing 2.35% of the company's post-offering share capital. According to the supplementary prospectus, the company has approved the allocation of these shares to Tawuniya as part of the offering process.
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
