Specialized Medical Company Lists on Saudi Exchange

Specialized Medical Company (SMC), a prominent name in Saudi Arabia’s healthcare landscape, has marked a significant achievement with the successful conclusion of its initial public offering (IPO). Widely regarded as a centre of excellence, SMC provides comprehensive, integrated healthcare services across numerous medical specialties. Following the IPO, the Company has officially commenced trading on the Saudi Exchange under the ticker symbol “4019.”

Bassam Chahine, CEO at Specialized Medical Company commented: “Today marks a major milestone in SMC’s journey. Our successful listing on the Saudi Exchange is a reflection of the market’s strong confidence in our equity story and our commitment to delivering high-quality, accessible, and digitally enabled healthcare services across the Kingdom. The overwhelming demand from both institutional and retail investors reinforces the strength of our operating model, our ambitious growth roadmap, and our role in advancing the Kingdom’s Vision 2030 healthcare transformation. I would like to thank our employees, partners, and shareholders for their trust and support. We are proud to welcome new investors to join us as we enter this next chapter of growth.”

Institutional Investor Demand Surpasses Expectations

The IPO drew a strong response from institutional investors. Out of the total 75 million shares offered, 80% were allocated to this investor group. The demand was overwhelming, with the book-building process registering orders worth more than SAR 121.3 billion (approximately USD 32.4 billion), reflecting an impressive oversubscription of 64.7 times. This underscores the market's confidence in SMC’s long-term value and growth potential.

High Participation Among Individual Investors

Retail investors also showed significant interest in the offering. A total of 15 million shares—representing 20% of the offering, were allocated to individual investors. The retail tranche attracted 317,820 subscribers who collectively invested SAR 542.2 million, resulting in a subscription rate of 1.45 times. The enthusiastic participation from both institutional and retail investors highlights the broad-based appeal of the company’s public debut.

Pricing and Valuation Reflect Strong Market Confidence

The final offer price was set at SAR 25.00 per share, landing at the upper end of the proposed price range. This pricing strategy enabled SMC to raise gross proceeds of SAR 1.875 billion (equivalent to USD 500 million). Based on the offer price, the company’s implied market capitalization at the time of listing stood at SAR 6.25 billion (approximately USD 1.667 billion), signalling a strong market valuation supported by robust investor interest.