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%
This story is from the Sep 2024 edition of Forbes Middle East - English.
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This story is from the Sep 2024 edition of Forbes Middle East - English.
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