{"id":89027,"date":"2024-08-26T00:00:00","date_gmt":"2024-08-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/26\/al-majed-oud-could-raise-sar-750-mn-from-its-tadawul-ipo\/"},"modified":"2024-08-26T00:00:00","modified_gmt":"2024-08-26T00:00:00","slug":"al-majed-oud-could-raise-sar-750-mn-from-its-tadawul-ipo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/26\/al-majed-oud-could-raise-sar-750-mn-from-its-tadawul-ipo\/","title":{"rendered":"Al Majed Oud could raise SAR 750 mn from its Tadawul IPO"},"content":{"rendered":"

Al Majed Oud is guiding on a price range of SAR 90-94 per share for its IPO<\/strong> on Tadawul\u2019s main market<\/strong>, it said in a post on X<\/a>. The perfume maker is planning to sell a 30% stake<\/a> in a secondary share sale that will see all six substantial shareholders sell down their positions to 70% of the company\u2019s total capital, down from 100%. The story got ink in Bloomberg<\/a>.<\/p>\n

Market cap + proceeds: <\/strong>At the top end of the range, the transaction would give the company a market cap of up to SAR 24 bn at listing, and raise SAR 705 mn in proceeds. 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

The subscription period for institutional investors kicked off yesterday <\/strong>and runs until this Thursday, 29 August. The retail subscription window will open Sunday, 15 September, with final share allocations to be announced on Thursday, 19 September.<\/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

Lock-up period:<\/strong> Major shareholders are restricted from selling their shares for a six-month period beginning with the start of trading. The company is also 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<\/strong> is financial advisor and lead manager, while Baker McKenzie<\/strong> is providing counsel to the issuer. Stat <\/strong>is counsel to the financial advisor, underwriter manager, institutional subscription manager, and lead underwriter. PwC<\/strong> is running financial due diligence, while Euromonitor International<\/strong> is the market study advisor and BDO Dr. Mohamed Al Amri & Co<\/strong> is the independent financial auditor.<\/p>\n","protected":false},"excerpt":{"rendered":"

The transaction would give the company a market cap of up to SAR 24 bn at listing<\/p>\n","protected":false},"author":1,"featured_media":89028,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","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":[2483,2419,10,29,2452],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89027","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-al-majed-oud","tag-capital-markets","tag-enterpriseam-ksa","tag-ipo-watch","tag-tadawul","wpautop","entry"],"acf":{"mongo_id":"058ef037-30df-4263-ab7e-e4b432935449","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/2176.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Al Majed Oud could raise SAR 750 mn from its Tadawul IPO","related_issue":[89022],"teaser":"The transaction would give the company a market cap of up to SAR 24 bn at listing","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.6c7e7233-7cb2-4671-826d-c1b59cdfecad.mp3"},"yoast_head":"\nAl Majed Oud could raise SAR 750 mn from its Tadawul IPO - 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