{"id":89064,"date":"2024-08-27T00:00:00","date_gmt":"2024-08-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/27\/al-majed-ouds-tadawul-ipo-sells-out-in-hours\/"},"modified":"2024-08-27T00:00:00","modified_gmt":"2024-08-27T00:00:00","slug":"al-majed-ouds-tadawul-ipo-sells-out-in-hours","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/27\/al-majed-ouds-tadawul-ipo-sells-out-in-hours\/","title":{"rendered":"Al Majed Oud\u2019s Tadawul IPO sells out in hours"},"content":{"rendered":"

Perfume maker A<\/strong>l <\/strong>Majed Oud booked more orders than the shares on offer<\/strong> in its Tadawul IPO within hours<\/strong> of the bookbuilding process beginning for institutional investors on Sunday, Bloomberg<\/a> reports, citing sources it says are familiar with the matter. Institutional investors have until this Thursday, 29 August to place their orders. <\/p>\n

REFRESHER- <\/strong>Al Majed Oud is taking a 30% stake to market<\/a> in a secondary share sale. The company is guiding on a price range of SAR 90-94 apiece<\/a>, which could see it raise up to SAR 705 mn in proceeds. At the top of the range, the company\u2019s market cap would be SAR 24 bn at listing. <\/p>\n

What\u2019s next? <\/strong>Retail investors can place their orders starting Sunday, 15 September. 100% of the offering is currently being allocated to institutional investors, but the financial advisor could allocate 20% to retail investors if there is sufficient demand. The final allocation of shares is slated for Thursday, 19 September.<\/p>\n

Use of proceeds + lockup: <\/strong>Some SAR 25 mn of the proceeds will go towards covering IPO-related costs, while the rest will be split among the selling shareholders on a pro rata basis. Major shareholders will not be able to sell down their positions for a six-month period starting from the first day of trading. Meanwhile, the company is not allowed to issue or list any additional shares of the same category during the same period. <\/p>\n

ADVISORS- BSF Capital<\/strong> is acting as financial advisor and lead manager, while Baker<\/strong> 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":"

Institutional investors have until Thursday, 29 August to place orders<\/p>\n","protected":false},"author":1,"featured_media":89065,"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":[2483,2419,10,29,2452],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89064","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":"9fe82364-f409-4523-b681-da3b0590e096","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1764.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Institutional investors fully cover Al Majed Oud\u2019s IPO on the first day of book-building","related_issue":[89059],"teaser":"Institutional investors have until Thursday, 29 August to place orders","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.f3e62461-4e6f-4579-bddb-c45d2ba76a69.mp3"},"yoast_head":"\nAl Majed Oud\u2019s Tadawul IPO sells out in hours - 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