{"id":89233,"date":"2024-09-02T00:00:00","date_gmt":"2024-09-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/02\/fully-covered\/"},"modified":"2024-09-02T00:00:00","modified_gmt":"2024-09-02T00:00:00","slug":"fully-covered","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/09\/02\/fully-covered\/","title":{"rendered":"Fully covered"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Arabian Mills\u2019 Tadawul IPO was fully covered within an hour of books<\/strong><strong> opening for institutional investors yesterday<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-09-01\/saudi-s-arabian-mills-ipo-aims-to-raise-as-much-as-271-million\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, citing unnamed sources it says are familiar with the matter. Bankers received orders on a price range of SAR 62-66 per share for the company\u2019s market debut, which will see it take <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/15fece1e-1f0c-465d-9b39-c0a865694312\/%253cmark%253earabian%253c%2Fmark%253e%253cmark%253e-mills%253c%2Fmark%253e-gears-up-for-listing-a-30%2525-stake-in-tadawul%25e2%2580%2599s-main-market\" style=\"\" rel=\"noopener\">a 30% stake<\/a> to market through a secondary share sale, according to the business information service. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s on the table?<\/strong> The flour milling company is allocating 100% of the offering to institutional investors. This can be reduced to 90% if there is sufficient enough demand from retail investors, who would then be allocated 10% of the sale. Each institutional investor can place orders for a minimum of 50k shares, and a maximum of 2.6 mn. While retail investors can subscribe for a minimum of 10 shares, and a maximum of 250k.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The timeline:<\/strong><\/p>\n<ul>\n<li><strong>Bookbuilding for institutional investors will wrap this Thursday<\/strong>, 5 September. The deadline for subscription is Sunday, 15 September.<\/li>\n<li><strong>The subscription period for retail investors<\/strong> runs from Wednesday, 18 September to Thursday, 19 September.<\/li>\n<li><strong>Final offer allocation: <\/strong>Thursday, 26 September.<\/li>\n<li><strong>Refund of excess subscriptions:<\/strong> Thursday, 3 October.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Market cap + proceeds: <\/strong>At the top of the range, the selling price would give the company a market cap of SAR 3.4 bn at listing, and allow it to reel in SAR 1 bn in proceeds. The offering proceeds, after deducting estimated offering expenses of SAR 33 mn, will be distributed among the selling shareholders in proportion to the number of shares each sells. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ADVISORS- <\/strong>Our friends at <strong>HSBC Saudi Arabia<\/strong> are acting as the sole financial advisor, global coordinator, bookrunner, underwriter, and lead manager on the transaction, while <strong>Baker McKenzie <\/strong>is counsel, <strong>PwC<\/strong> is financial due diligence advisor, <strong>EY<\/strong> is auditor, and <strong>Euromonitor<\/strong> <strong>International <\/strong>is market consultant. Meanwhile, <strong>Alrajhi Bank<\/strong>, <strong>Saudi Awwal Bank<\/strong>, and <strong>Banque Saudi Fransi <\/strong>are the receiving agents.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The transaction will give the company a market cap of up to SAR 3.4 bn at listing<\/p>\n","protected":false},"author":1,"featured_media":89234,"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":[1820,2419,10,29,2452],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89233","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-arabian-mills","tag-capital-markets","tag-enterpriseam-ksa","tag-ipo-watch","tag-tadawul","wpautop","entry"],"acf":{"mongo_id":"2186f6c5-6801-4bb6-8a1e-bc2d60f280a4","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/1995.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Arabian Mills\u2019 IPO draws strong institutional demand, with offering fully subscribed for its upcoming IPO on Tadawul","related_issue":[89226],"teaser":"The transaction will give the company a market cap of up to SAR 3.4 bn at listing","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.a9cb5c04-39dc-429d-89d1-ca893115702e.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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