Saudi Arabia's healthcare provider, Specialist Medical Company (SMC), successfully sold out its $500 million initial public offering (IPO) in Riyadh within a matter of hours. The company aimed to offer 30% of its shares, equating to 75 million shares, priced between 24 and 25 riyals per share. The overwhelming demand exceeded the number of shares available, valuing the company at approximately $1.7 billion. The underwriting period for institutional investors will extend until May 15.
