The National Medical Care Company has signed an agreement with Riyad Capital to manage its initial public offering of 13.5 million shares.

The IPO for individuals (50 percent of the total offered shares) will begin tomorrow, Monday, and continue until Feb. 10.

The share is offered at the rate of SR 27 per share, an official statement said.

Financial organizations have already subscribed more than five times of the offered shares in the first phase of the IPO, it added.

Othman Aba Hussein, CEO of NMCC, and Ali Al-Quwaiz, CEO of Riyad Capital, signed the deal.

“The IPO is an important turning point in the history of NMCC,” said Aba Hussein.

It’s a vital step toward its strategic expansion plan in the Kingdom’s health care sector, he said.

He said it would also contribute to diversifying the company’s investment base.

He hoped that the IPO would be a grand success under the management of Riyad Capital, thanks to its longstanding experience in the field.

Al-Quwaiz says his organization is happy to manage NMCC’s IPO.

He also highlighted NMCC’s achievements in health care services.