The IPO share price implies a market capitalisation of the company at a listing ranging from $3.3bn to $3.6bn. Credit: kenary820 / Shutterstock.

Saudi healthcare provider Fakeeh Care Group has announced the price range of its initial public offering (IPO) and begun the institutional book building subscription period, aiming to raise $763m.

The book building period started on 2 May, with investors allowed to place their orders until 8 May.

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The price range of the IPO is set between SAR53.0 ($14.13) and SAR57.5 ($15.33) for each share, which implies a market capitalisation of between SAR12.3bn ($3.3bn) and SAR13.3bn ($3.6bn).

The total offering size is expected to be between SAR2.6bn and SAR2.9bn, representing 21.47% of the company’s total issued share capital.

Fakeeh Care Group said the offering comprises a mix of existing shares and newly issued shares.

The company will distribute proceeds from the existing shares’ sale to selling shareholders and use the proceeds from the new shares to fund its growth plans and general corporate needs.

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Once the IPO has closed, the shares will be listed and traded on the Saudi Exchange’s Main Market.

The Capital Market Authority (CMA) approved the company’s application for share capital registering and the offering of 49,800,000 Ordinary Shares on 31 March.

HSBC Saudi Arabia has been appointed as the sole financial advisor, joint bookrunner, underwriter and lead manager for the offering.

anb capital and EFG Hermes KSA are serving as joint bookrunners and underwriters, while several banks, including Alrajhi Bank, Saudi National Bank and Arab National Bank, are acting as receiving agents for retail investors.

In addition, Moelis & Company Saudi is named as the advisor for selling shareholders.

Fakeeh Care Group claims to be one of Saudi Arabia’s premier integrated providers of high-quality healthcare, having been in business for more than 40 years.

In June 2022, the company agreed to develop a hospital in Makkah city in partnership with Umm Al Qura Development & Construction.