Saudi Arabia Drives MENA Healthcare IPOS

Saudi Arabia has dominated MENA's healthcare IPOs so far this year, with all four healthcare IPOs listed in the region being listed on the Saudi Exchange as of August 2024, totaling $920 million in proceeds. Here's a closer look.

1. Fakeeh Care Group
IPO proceeds: $764 million
Change in share price since
IPO: 0.7%

The Fakeeh Care Group’s IPO in May 2024 is the biggest in the MENA so far this year, raising $764 million in proceeds. The IPO, which offered 21.47% of the company’s total issued shares, was oversubscribed 119 times from institutional investors and 14.5 times from retail investors, with total demand reaching $91 billion and $1.1 billion respectively. The group’s share price slightly increased by 0.7% in the three months after the IPO, reaching a market cap of $3.6 billion as of the end of August 2024. In the first six months of 2024, the company’s total assets reached $1.4 billion and its revenues increased by 24% to reach $355.8 million, driven by a 12.2% increase in the number of billable patients totaling 829,377 during the period.

2. Avalon Pharma
IPO proceeds: $131.2 million
Change in share price since
IPO: 65.4%