Legal Advisors advised Nahdi Medical Company on its Tadawul IPO

Legal Advisors Abdulaziz Alajlan & Partners, in association with Baker & McKenzie Limited (Legal Advisors), advised Nahdi Medical Company (Nahdi), the largest retail pharmacy chain and fast-growing omnihealth platform in the Kingdom of Saudi Arabia (KSA), on its Initial Public Offering (IPO) on the main market of the Saudi Exchange (Tadawul). The deal is valued at SAR5,109,000,000 (USD1.36 billion). The final offer price for the IPO was set at SAR131 (equal to USD34) per share.

The team advised Nahdi on all legal aspects of the transaction, which involved listing shares on Tadawul, and offering 39,000,000 shares, representing 30 per cent of the company’s capital, at an offer price of SAR131 per share. Nahdi announced its intention to float on February 20, 2022 and the listing took place on March 22, 2022. The recently finalized institutional book-building process generated an order book of SAR299 billion (USD80 billion), resulting in an over oversubscription of 59 per cent.

“We are delighted to have assisted Nahdi on this significant transaction in the pharmaceutical sector in KSA. This IPO is considered to be the largest listing in Saudi Arabia since Saudi Aramco’s IPO, and was completed in record time,” commented Abdulrahman Alajlan, partner, Abdulaziz Alajlan & Partners, in association with Baker & McKenzie Limited in Riyadh.

“With our extensive experience of transacting in the Healthcare and Life Sciences sector, it was extremely rewarding to advise Nahdi Medical Company on this important milestone in the company’s history,” commented Nadine Nassar, who led on the transaction.

The team that worked on this transaction comprised Karim Nassar, Robert Eastwood, Nadine Nassar, Lama Alhabib and Tina Kassouf.

HSBC Saudi Arabia and SNB Capital acted as Joint Financial Advisors, Bookrunners, and Underwriters, and SNB Capital acted as Lead Manager on this transaction.