Saudi Pharma Retail Chain Al Dawaa Seeks $500 Million From IPO
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Al Dawaa Medical Services Co., one of the largest pharmaceutical retail companies in Saudi Arabia, is seeking to raise about $500 million from an IPO as more family-owned businesses list in the kingdom.
The initial public offering’s price range has been set at 65 riyals ($17.33) to 73 riyals, according to a statement. Institutional book-building for 25.5 million shares will start Sunday and end Thursday, with a three-day subscription period for individual investors starting Feb. 27.