Thursday, December 1, 2022

Saudi eyecare group Magrabi plans float, hires banks, sources say

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DUBAI, Nov 24 (Reuters) – Saudi eyecare group Magrabi, which runs one of many largest chains of optical retail shops and eye clinics within the Center East, is contemplating a flotation of its hospitals enterprise subsequent 12 months and has employed banks for the deal, two sources acquainted with the matter mentioned.

Magrabi has mandated Rothschild & Co (ROTH.PA) as monetary advisor and HSBC as lead supervisor to run the preliminary public providing (IPO), mentioned the sources, who declined to be named because the matter is just not public.

Magrabi and HSBC didn’t instantly reply to a request for remark when contacted by Reuters on Wednesday. Rothschild declined to remark.

Saudi Arabia is encouraging extra family-owned corporations to listing in a bid to deepen its capital markets underneath reforms geared toward lowering the dominion’s reliance on oil revenues.

The dominion has had a surge in IPOs because it listed oil big Saudi Aramco (2222.SE) in a report $29.4 billion itemizing in 2019.

Saudi Arabia’s Center East Healthcare Firm, the corporate behind Saudi German Hospitals, raised $3.2 billion in 2019 when it offered 30% of the corporate in an IPO. Nahdi Medical, one of many largest pharmacy chains within the kingdom, raised $1.36 billion in March from its public share sale.

Based in 1955 as an eye fixed hospital in Jeddah, Magrabi runs greater than 32 hospitals throughout the Center East, in keeping with data on its web site. Magrabi says it was the primary within the Center East to carry out a corneal transplant surgical procedure in 1968.

Flush with money from excessive oil costs, the Gulf area has change into a shiny spot for world fairness capital markets this 12 months, with government-led privatisation programmes resulting in a surge of public share gross sales.

Gulf issuers have raised round $16 billion this 12 months, accounting for about half of complete IPO proceeds from Europe, the Center East, and Africa, in keeping with knowledge from Refinitiv.

Reporting by Hadeel Al Sayegh; Modifying by Janane Venkatraman

Our Requirements: The Thomson Reuters Belief Ideas.

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