July 6, 2020 / 10:10 AM / a month ago

Saudi Arabia's biggest pharmacy firm Nahdi in early talks for IPO -sources

DUBAI, July 6 (Reuters) - Saudi Arabia’s Nahdi Medical Co, the largest pharmacy retail chain in the kingdom, is weighing an initial public offering (IPO) and has begun early talks with potential advisors, two sources familiar with the talks told Reuters.

Nahdi, founded by Abdullah Amer Al Nahdi in 1986, the Saudi equivalent of British health retailer Boots, has a network of more than 1,100 pharmacies. It is 50% owned by Jeddah-based Islamic investment firm Sedco Capital, according to information on its website.

The company is in early talks with advisors for its public share sale, which could happen next year, said the sources, declining to be named as the matter is not public.

Reporting by Hadeel Al Sayegh, editing by Louise Heavens

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