Fakeeh Care Group’s shares closed up 10.1% on their trading debut on Tadawul’s main market yesterday. The company’s shares ended the trading day at SAR 63.30, after debuting at SAR 57.50 apiece.

REFRESHER- Fakeeh Care took a 21.5% stake to market through an offering of both new and existing shares. The IPO was priced top of the range, giving the family business a market cap of 13.3 bn on the first day of trading. The Abu Dhabi Investment Authority (Adia), the UAE’s largest sovereign wealth fund, had emerged as a key buyer in the IPO with a cornerstone investment of 1.04 mn shares, according to a supplementary prospectus.

Not big a first-day pop as it could have been — and you can probably blame Aramco: The Riyadh-based healthcare player’s first day of trading recorded the “smallest first-day gain” of a company IPOing on the Tadawul over the past 12 months, according to Bloomberg data. The first day performance “jars with the overwhelming demand” the offering saw during its bookbuilding process, which saw the institutional offering closing with a 119x oversubscription rate and its retail tranche 14.5x oversubscribed. Fakeeh Group’s is the largest IPO in the Kingdom so far this year.

Why? Aramco’s follow-on offering is hogging liquidity in the market, with the oil giant kicking off the book-building process for the USD 12 bn secondary sale earlier this week. Institutional book-building for the offering wraps up today and the retail book-building closed yesterday. The final allocation of shares and the offering’s final price will both be announced tomorrow.

ADVISORS- Our friends at HSBC are acting as sole financial adviser. HSBC is joint bookrunner together with our friends at EFG Hermes as well as ANB Capital. Moelis is advising the selling shareholders, while AlRajhi Bank, Saudi National Bank, Arab National Bank, SAB, Alinma Bank and Bank Aljazira are serving as receiving banks.

UP NEXT IN THE IPO PIPELINE-

Other transactions that are now in the market or expected soon:

• Riyadh-based aluminum products maker Al Taiseer Group Talco Industrial (Talco) plans to sell a 30% stake and priced its offering at the top of the range;
• Fintech startup Rasan is set to sell a 30% stake, pricing its offering at the top end of the range after its institutional tranche closed 129.1x oversubscribed;
• Labor agency Saudi Manpower Company (Smasco) is selling a 30% stake and also priced its shares at the top of its initial range following strong institutional investor demand;
• Hotels and resorts operator Boudl has filed to go public;
• Fourth Milling Company will list before the end of June;
• Singapore’s Olam Group is mulling the IPO of its Olam Agri subsidiary on Tadawul;
• Hypermarket operator Lulu is said to be eyeing a dual listing on Tadawul and ADX;
• Aster DM Healthcare looks set to spin off its GCC assets and seek a dual listing on Tadawul and in the UAE;
• Perfume maker Arabian Oud is said to have appointed bankers ahead of a share sale (see What We’re Tracking Today, above);
• PIF-backed lender Riyad Bank is considering the listing of its investment banking arm Riyad Capital;
• Nupco — a unit of the PIF — has reportedly tapped Rothschild & Co as financial advisor for its potential Tadawul IPO;
• Budget airline Flynas is reportedly looking to go public this year.