Nahdi Medical Co, Saudi Arabia’s market leader in retail pharmacies, made a strong market debut on Tuesday, opening 16.8 percent above its initial public offering price.
Nahdi is among several IPOs hitting the Saudi market since Aramco’s listing, as the country encourages family-owned businesses to list, while the Public Investment Fund, the main sovereign wealth fund, has monetized assets through share sales.
Nahdi opened at 153 riyals ($40.79), up from an IPO price of 131 riyals, Refinitiv Eikon data showed.
Nahdi had raised $1.36 billion in the country’s biggest IPO since Saudi Aramco’s listing in 2019.
Nahdi has 1,151 pharmacies, catering to more than 100 million customers, as well polyclinics and express clinics. It plans to boost primary healthcare services and expand further in the Gulf countries.
“In the years ahead, Nahdi is well-positioned to capitalize on current market trends, executing on its expansion plans and further developing its comprehensive and propriety ‘omnihealth’ platform,” CEO Yasser Joharji said in a statement.