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  • 23-02-22

    Suadi Arabia’s Al-Dawaa collects USD27bn in IPO from shareholders

    (MENAFN) The group of Saudi pharmacies Al-Dawaa has collected SR100 billion (USD27 billion) from official shareholders by selling stocks publicly for the first time.

    Based on a stock exchange filing, the last offer price is settled at SR73 (USD19.46) for each stock after the offering has been 53.8 times oversubscribed.

    The arranged time for individual subscriptions will take place between February 27 and March 1, proposing a limit of 2.55 million stocks.

    Al dawaa’s commercial director, Fahad Al-Farraj stated to Arab News previously that the listing demonstrates an opportunity to “strengthen Al-Dawaa’s brand presence and future growth potential as well as reinforce our commitment to the highest standards of corporate governance.”

    He added, profits from the offering are going to be aiding to enrich that policy and improve automation across the firm’s supply chain. 

    MENAFN23022022000045013568ID1103750715

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