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Saudi hospital operator Almoosa announces IPO

By Neil Halligan
More than 50 Saudi Arabian companies are said t be waiting to list on the kingdom’s bourse in 2025 Reuters/Faisal Nasser
More than 50 Saudi Arabian companies are said t0 be waiting to list on the kingdom’s bourse in 2025
  • 30% of shares for sale
  • New hospitals in 2028
  • Saudi IPOs dominate market

Almoosa Health Company has announced plans to launch an initial public offering of 30 percent of its shares on the Saudi stock market.

The price range for the offering will be announced on December 4, with the institutional book-building process starting the same day. This will be followed by a retail subscription period from December 23-24 and final allocations set for December 29.

Almoosa Health operates two facilities in the city of Al Ahsa in the Eastern Province, with a total of 730 beds, and 290 clinics. 

The company plans to add two hospitals in Al Hofuf and Khobar with around 700 beds by 2028. It also plans to build five primary care centres in Al Ahsa, Al Khobar and Dammam with 1,430 beds by 2027. 

Almoosa Health announced a net profit of SAR27.9 million in the third quarter, down 5 percent on the same period last year. Revenue in the quarter reached SAR308 million, up 27 percent year-on-year. 

“Driven by our commitment to maintaining strong operating leverage and efficiencies that enhance financial performance, we believe that we have reached the right point in our journey to invite new shareholders to participate in our future growth,” said CEO Malik Almoosa. 

Almoosa Health has appointed Saudi Fransi Capital as the lead manager for the IPO.

Saudi Arabia has dominated the Middle Eastern market for share sales this year, raising more than $16.8 billion which was lifted significantly by Saudi Aramco’s secondary offering in May. 

More than 50 Saudi Arabian companies are waiting to list on the kingdom’s bourse in 2025, Shakeel Sarwar, head of asset management at Bahrain’s Sico Bank, told AGBI last month. 

Saudi Arabia and UAE will dominate IPO activity next year, he said, “with notable transactions expected from sectors such as consumer and airlines”.

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