March 14, 2022
The Law Office of Salman M. Al-Sudairi and Latham & Watkins have advised Al-Dawaa Medical Services Company, one of the largest pharmaceutical retail companies in Saudi Arabia, on its SAR1.861 billion (approximately US$496.4 million) initial public offering (IPO) and listing of ordinary shares on the Saudi Exchange’s Main Market.
The IPO involved the offer and sale of 25.5 million ordinary shares, representing 30% of Al-Dawaa’s capital of SAR850 million, by way of a sale of existing shares by existing shareholders. Of the total shares sold in the IPO, 90% were allocated to institutional investors and the remaining 10% to retail investors. The final offer price was set at SAR73 per share.
Al-Dawaa’s first pharmacy was established in 1993 and since then the company has succeeded in becoming one of the leading pharmaceutical retailers in Saudi Arabia, including via its chain of over 800 pharmacies across the Kingdom together with online and wholesale channels.
The team was led by principal and Latham partner Salman Al-Sudairi, with associates Najla Al-Gadi, Abdullah Alsaeed, and Aya AlHumaid.