Saudi Arabia ended 2024 on a high note with the successful IPO of AlMoosa Health, which saw overwhelming interest from retail investors. The offering attracted 395,986 individual investors who subscribed at SR127 per share, resulting in a staggering 408.7% oversubscription for the retail tranche.

This marks the second healthcare IPO in Saudi Arabia this year, following the listing of Dr. Soliman Abdel Kader Fakeeh Hospital Co. The retail tranche for AlMoosa included 2.66 million shares, accounting for 20% of the total offering. Investors were guaranteed a minimum of six shares each, while the remaining shares were distributed proportionally.

Local investors showed immense enthusiasm, generating SR168 billion in subscriptions, which equated to 99.7 times oversubscription. International interest was also notable, bringing in SR5.5 billion, translating to 3.3 times oversubscription.

AlMoosa Health, which serves around 1 million patients annually and employs 326 physicians, reported solid financial performance. In 2023, the company generated revenues of SR979 million and a net income of SR98 million. For the first nine months of 2024, revenues reached SR870 million, with net income at SR40 million, underscoring its profitability.

Speaking to Gulf News, Malek AlMoosa, Managing Director and CEO of AlMoosa Health, attributed the strong demand to rising investor confidence in both the company and Saudi Arabia’s healthcare sector. He emphasized the company’s 30-year legacy and commitment to expanding its network with new hospitals and clinics in the Eastern Province to deliver long-term value for shareholders.