White & Case and The Law Office of Megren M. Al-Shaalan Advise on Nahdi Medical Company IPO
1 min read
Global law firm White & Case LLP and The Law Office of Megren M. Al-Shaalan have advised HSBC Saudi Arabia and SNB Capital Company, as Financial Advisors, Bookrunners and Co-Underwriters, on the initial public offering (IPO) of Nahdi Medical Company (Nahdi), a leading pharmaceutical retailer in the MENA region, on the Main Market of the Saudi Stock Exchange (Tadawul).
Nahdi offered 39 million ordinary shares to institutional and retail investors, amounting to 30 percent of its share capital. With the total IPO proceeds raising SAR 5.109 billion (US$1.361 billion), Nahdi's implied market capitalisation was approximately SAR 17.03 billion (US$4.539 billion) at the commencement of trading, which began on March 22, 2022.
The book-building process generated an order book of SAR 299 billion (US$79.7 billion) resulting in a 59 percent oversubscription.
Nahdi is the largest pharmacy chain in the Kingdom of Saudi Arabia with a nationwide network in 125 cities and villages, as well as a number of polyclinics and express clinics. It has an expanding presence in the United Arab Emirates and is deploying its online and omni-channel capabilities across the MENA region.
The White & Case team in Dubai that advised on the transaction was co-led by partner Sami Al-Louzi and local partner Ibrahim Soumrany. The Law Office of Megren M. Al-Shaalan team in Riyadh was led by partner Megren Al-Shaalan and included associates Manal AlMusharaf, Jad Slim and Simon O'Connell-Schizas.
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