Saudi hospital operator's $500 million IPO sold out within hours.

In the $500 million initial public offering of the professional medical company operating hospitals in Saudi Arabia, all shares offered were subscribed. SMC will sell 30% of its shares, or 75 million shares, at a price between 24 riyals and 25 riyals per share. Using the upper limit of the price range, the company's valuation is slightly below $1.7 billion. SMC operates two hospitals in Riyadh and plans to build three more in the northern region of the city. The company had revenues of 1.4 billion riyals in 2024, with a net profit of 185 million riyals.