Saudi Arabia’s Specialized Medical Co. (SMC) has announced plans to sell a 30% stake through an initial public offering (IPO) on the Riyadh exchange, marking the latest move in the kingdom’s IPO boom.
The healthcare provider will offer 75 million shares, with bookbuilding scheduled to begin on May 11, according to a company statement. The listing date has not yet been confirmed.
SMC, which runs two hospitals in Riyadh and plans to expand to five facilities with a total capacity of 1,276 beds, generated 1.1 billion riyals ($290 million) in revenue in the first nine months of 2024 with a profit margin of 14.3%.
The IPO comes as Saudi Arabia continues to dominate the Middle East’s IPO landscape, with firms raising $1.2 billion year-to-date, Bloomberg data shows. SMC is working with SNB Capital and EFG Hermes on the offering.
Healthcare remains a central pillar of Vision 2030, the kingdom’s long-term economic diversification plan. The sector has already seen major listings, including Fakeeh Hospital Co. ($763 million) and Almoosa Health Co. ($450 million).
