Saudi Arabia's largest healthcare providers to do IPO
Two of the biggest private hospital groups in Saudi Arabia would seek to conduct an initial public offer of their shares in the country's bourse by 2014. This was confirmed by banking sources familiar with the plans, at the time when there is an increased demand for healthcare services throughout the Gulf region.
One of the firms is Sulaiman Al-Habib Group (HMG). It had appointed investment banking firm Banque Saudi Fransi to assist one of the largest healthcare providers in the Gulf Arab region in conducting the IPO sale. This was confirmed by two banking sources, both speaking on condition of anonymity as the plans for the IPO have not yet been publicly announced.
The Sulaiman IPO would most likely be the largest for an established private company in the Gulf kingdom since investment firm Kingdom Holding had its own IPO back in 2007.
The other firm is Almana General Hospitals, which operates mainly in the Eastern Province of the kingdom. It had appointed GIB Capital, Gulf International Bank's investment banking arm, to help in its listing process in the local bourse.