Nahdi Medical Co, Saudi Arabia’s market leader in retail pharmacy, on Sunday announced its intention to list on the local bourse by selling 30% of its shares, joining a spate of new initial public offerings in the kingdom.
Nahdi has 1,151 pharmacies, catering to the needs of more than 100 million customers, as well polyclinics and express clinics, it said.
It posted a revenue at 8.6 billion riyals ($2.3 billion) in 2020, reflecting a three-year compound annual growth rate of 8.4%, higher than the industry retailers’ average of 7.9%, Nahdi said.
Nahdi’s existing shareholders are Al Nahdi Holding Company and SEDCO Holding, which would sell part of their holdings in the share sale but remain long-term shareholders.
Nahdi expanded its presence in the United Arab Emirates last year to five stores and also started deploying its online and omni-channel capabilities in the UAE, Yasser Joharji, Nahdi CEO told a news conference.
“We have big plans to expand in the UAE market and eventually beyond UAE market,” he said.
