{"id":88849,"date":"2024-08-20T00:00:00","date_gmt":"2024-08-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/20\/al-majed-oud-plans-to-sell-30-stake-in-tadawul-ipo\/"},"modified":"2024-08-20T00:00:00","modified_gmt":"2024-08-20T00:00:00","slug":"al-majed-oud-plans-to-sell-30-stake-in-tadawul-ipo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/20\/al-majed-oud-plans-to-sell-30-stake-in-tadawul-ipo\/","title":{"rendered":"Al Majed Oud plans to sell 30% stake in Tadawul IPO"},"content":{"rendered":"

Al Majed Oud plans to offer a 30% stake (equivalent to 7.5 mn shares) in an IPO on <\/strong>Tadawul\u2019s<\/strong> main <\/strong>market<\/strong>, the company said in its prospectus (pdf)<\/a>. The perfume retailer CMA lined up<\/a> the Capital Market Authority\u2019s approval to kick off the offering in June. <\/p>\n

The breakdown:<\/strong> Institutional investors are being allotted 100% of the offering, but the financial advisor can reduce that to 80% and allocate 20% of the offering to retail investors \u201cif there is sufficient demand\u201d during the retail subscription window. Public funds \u2014 which are counted as institutional investors \u2014 will be earmarked 30% of the offering, which may be rolled back to 24% if demand falls short. <\/p>\n

What\u2019s next:<\/strong> Subscription to the IPO begins for institutional investors next Sunday, 25 August and runs through to Thursday, 29 August. The retail subscription window is set for Sunday, 15 September. The final share allocations will be announced on Thursday, 19 September, with any excess subscription fees set to be refunded on Tuesday, 24 September. The first day of trading will be determined once the company meets all regulatory requirements. <\/p>\n

Use of proceeds: <\/strong>Some SAR 25 mn of IPO proceeds will go towards covering costs associated with the offering including advisory, bookbuilding, legal, auditing, marketing, and other fees. The selling shareholders will divide the rest of the proceeds on a pro rata basis.<\/p>\n

Lock-up period: <\/strong>Major shareholders are restricted from selling their shareholdings for a six-months period beginning with the start of trading. Moreover, the company is not allowed to issue or list any additional shares of the same category for six months after trading begins.<\/p>\n

ADVISORS-<\/strong> BSF Capital is financial advisor and lead manager, while Baker McKenzie is providing counsel to the issuer. Stat is counsel to the financial advisor, underwriter manager, institutional subscription manager, and lead underwriter. PwC is running financial due diligence, while Euromonitor International is the market study advisor and BDO Dr. Mohamed Al Amri & Co is the independent financial auditor. <\/p>\n

Earnings<\/strong> snapsho<\/strong>t:<\/strong> Al Majed for Oud reported a 18.7% y-o-y rise in net income to SAR 148.7 mn in FY 2023, up from SAR 125.3 mn during the previous year. Meanwhile, revenues were up 30.4% to SAR 767 mn during the same period, up from SAR 588.4 mn.<\/p>\n","protected":false},"excerpt":{"rendered":"

The perfume retailer received CMA approval in June<\/p>\n","protected":false},"author":1,"featured_media":88850,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2542],"tags":[3053,10,2637,29],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88849","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-al-majed-for-oud","tag-enterpriseam-ksa","tag-ipo","tag-ipo-watch","wpautop","entry"],"acf":{"mongo_id":"60313568-d8a8-42ba-a52b-e1406394f47e","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/1733.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Al Majed Oud plans to sell 30% stake in Tadawul IPO","related_issue":[88842],"teaser":"The perfume retailer received CMA approval in June","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.34ebdb67-e684-437f-beb2-b28a75b94137.mp3"},"yoast_head":"\nAl Majed Oud plans to sell 30% stake in Tadawul IPO - 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