RIYADH: Saudi pharmacy chain operator, Al-Dawaa Medical Services Co., collected SR1.9 billion from its initial public offering. The offer price has been set at SR73 ($20), according to a bourse statement, after it completed the IPO process. The company offered 25,500,000 shares, representing 30 percent of the company’s capital. 90 percent of the shares were allocated to participating parties, while 10 percent was given to individual investors. Individual subscribers will receive a minimum of two shares each, while the remaining shares will be allocated on a pro-rata basis based on demand with an average allocation factor of 0.5299 percent. GIB Capital was the Financial Advisor, the Lead Manager, the Bookrunner, and the Lead Underwriter with respect to the offering.