(Bloomberg) -- Saudi Arabia's largest pharmacy retail chain has demand for all shares up for sale in its initial public offering, people familiar with the matter said, hours after the firm opened books on what could be the kingdom's biggest listing since Aramco.
Nahdi Medical Co. is seeking to raise as much as $1.36 billion in the listing, which would be the most since Aramco raised almost $30 billion in 2019.
The firm plans to sell 39 million shares, equivalent to a 30% stake, at 119 riyals ($31.72) to 131 riyals apiece. Institutional book-building will end on March 7, with a three-day subscription period for individual investors starting March 13.
More family-owned businesses are listing on the kingdom's exchange amid huge investor demand, and most IPOs have priced at the top of offering ranges. The most recent wave has seen a digital security firm owned by Saudi Arabia's wealth fund draw about $57 billion in orders from institutional investors.
Saudi Arabia's benchmark Tadawul All Share Index has climbed 11.7% this year in dollar terms, making it the eighth-best performing stock benchmark globally. The MSCI Emerging Markets Index is down 4.7% in the same period, amid a slump in global equities.
Saudi Arabian companies raised almost $9.3 billion from share offerings last year, making Riyadh the most active IPO market in the Middle East and Africa behind Israel, according to data compiled by Bloomberg. ACWA Power International's $1.2 billion IPO last year was the kingdom's largest listing since Aramco.
Units of HSBC Holdings Plc and Saudi National Bank are managing Nahdi Medical's IPO.
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