Samba Capital raises SR12bn for MEAHCO share offer

Samba Capital raises SR12bn for MEAHCO share offer
Updated 27 March 2016

Samba Capital raises SR12bn for MEAHCO share offer

Samba Capital raises SR12bn for MEAHCO share offer

RIYADH: Samba Capital & Investment Management Company (Samba Capital) has announced the closing of the initial public offering (IPO) of the Middle East Healthcare Company (MEAHCO), owner and operator of Saudi German Hospitals in Saudi Arabia.
The MEAHCO’s IPO involved the sale of 27.61 million shares, representing 30 percent of the company’s share capital. The total amount of generated combined orders/subscriptions was SR12 billion.
The coverage ratio of institutional investors was 593.7 percent, while the coverage of individual investors was 274.2 percent.
MEAHCO has commended the performance of Samba Capital — the financial adviser, bookrunner, lead Manager and sole underwriter — in managing the IPO.
It also appreciated the efforts of all other involved parties that contributed to the success of the company's IPO, stressing that the achieved high participation rates and broad interaction reflects the confidence of citizens and investment community in the investment value of the company and the drivers of its future growth.
Sobhi A. Batterjee, chairman of MEAHCO, commented: “We are very pleased with the outcome of the IPO. The success of the IPO, in the current market conditions, is a testament to Samba Capital’s capabilities. The IPO of MEAHCO is an important milestone in the company’s successful journey. We would like to thank all the investors for their participation in the IPO and for the confidence they have shown in MEAHCO.”
He added: “We welcome them as our shareholders and partners and are committed to operating as a responsible publicly listed company, and continue to offer quality medical care to our patients and create value for our shareholders. MEAHCO is operating in a sector with a bright outlook, and has exciting growth prospects, with a number of expansion projects already under way.”
Eisa M. Al-Eisa, chairman of Samba Capital & Investment Management Company, congratulated MEAHCO for the success of the IPO, high participation rate and oversubscription, a testament to the reputation and standing of the company, a leader in the health care services sector on a local and regional level. “We are proud of Samba Capital’s role in managing the IPO, deploying its accumulated experience and advanced capabilities to ensure the success of the transaction,” Al-Eisa added.
Al-Eisa pointed out that the management of MEAHCO’s IPO further emphasizes the reputation of Samba Capital as a pioneer in leading and managing IPOs.
“Samba Capital was engaged over the past years in leading a large number of IPOs for major companies operating in the Saudi market from different business sectors, including the health care sector, having advised on three of the five health care companies that were offered to the public through an IPO, which showcases our domain expertise and market experience,” he added.