The Clap
Magrabi is considering an IPO of its hospital unit in Saudi Arabia in 2023 according to sources.
The Deets
Sources said that the company asked banks to apply for a role in the upcoming IPO and indicated that “Rothschild & Co.” advises Magrabi.
The potential IPO could raise about $200 million.
Magrabi
Magrabi is the largest medical group in the MENA region, working in the field of ophthalmology, ear, nose, throat, and dentistry.
Magrabi currently operates more than 150 stores, in 5 countries in the region.
Background
Bloomberg reported in 2017 that Magrabi was considering selling a minority stake in the company when it hired HSBC to advise it.
Why this Matters
Unlike other markets, Saudi Arabia is witnessing a “special year” for IPOs.
Due to high oil prices, plans to list government-owned companies are gaining momentum among investors.
