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Saudi Billionaire’s Investment Firm Plans IPO of Top Drugstore

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Saudi Arabia’s largest pharmacy retail chain plans to seek about $1.3 billion in an initial public offering in the next few months in what could be the largest share sale in the kingdom since state oil giant Saudi Aramco went public in 2019, according to people familiar with the matter.

Al Nahdi Medical Co. has appointed the local unit of HSBC Holdings Plc and the investment banking arm of Saudi National Bank to manage the sale of a 30% stake on the Saudi stock market, the people said, asking not to be identified because the information is private. The company is considering seeking a valuation of around 16 billion riyals ($4.3 billion) in the IPO, the people said.