(Bloomberg) — Saudi Arabia’s SMC Hospitals is planning an initial public offering in Riyadh, joining the host of health-care firms going public in the kingdom.
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The hospital operator is working with SNB Capital and EFG Hermes on the potential share sale, people familiar with the matter said. The deal could come as early as the second quarter of this year, the people said, declining to be named while discussing confidential information.
No final decisions have been made, with details like size and exact timeline still under discussion. Spokespeople for SNB and EFG declined to comment, while representatives for SMC could not be reached for comment.
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The health-care industry is a key focus area of Crown Prince Mohammed bin Salman’s trillion-dollar Vision 2030 plan as the kingdom prepares for population growth and increased life expectancy.
Companies have responded by pursuing IPOs to capitalize on the expected boom in the sector. Dr. Soliman Abdel Kader Fakeeh Hospital Co. raised $763 million in the kingdom’s largest IPO of 2024, while Almoosa Health Co. fetched $450 million. Fakeeh’s shares have risen 10% from its offer price, while Almoosa has gained over 35% since its debut.
The sovereign wealth fund is planning to list the kingdom’s largest medical procurement firm, Bloomberg News has reported.
The IPOs have also helped diversify the Saudi stock market, which has long been dominated by banks and petrochemicals.
SMC operates two hospitals in Riyadh and has a third one under construction, in addition to 250 outpatient clinics, according to its website.
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