Individual subscriptions will be invited between Feb. 27 and March 1 RIYADH: Saudi pharmacy chain Al-Dawaa raised SR100 billion ($27 billion) in equity from institutional investors after its first sale of shares to the public. With the order book 53.8 times oversubscribed, the final offer price has been set at SR73 per share, according to a bourse filing. This translates into a market value of as much as $1.6 billion, the pharma chain operator said in a statement. Individual subscriptions will be invited between Feb. 27 and March 1, offering a maximum of 2.55 million shares. “Following a successful book-building process which saw strong demand from institutional investors, the final offer price is testament to the strength of our investment proposition,” said the company’s CEO, Mohammed Al-Farraj. Listing represents a chance to “strengthen Al-Dawaa’s brand presence and future growth potential as well as reinforce our commitment to the highest standards of corporate governance,” Al-Dawaa commercial director, Fahad Al-Farraj, told Arab News earlier. Proceeds from the offering will be used to feed that strategy and enhance automation across the company’s supply chain, he said.