{"id":90997,"date":"2024-10-29T00:00:00","date_gmt":"2024-10-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/29\/uihc-ipo-sells-out-within-minutes\/"},"modified":"2024-10-29T00:00:00","modified_gmt":"2024-10-29T00:00:00","slug":"uihc-ipo-sells-out-within-minutes","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/29\/uihc-ipo-sells-out-within-minutes\/","title":{"rendered":"UIHC IPO sells out \u201cwithin minutes\u201d"},"content":{"rendered":"

United International Holding Company (UIHC) is guiding on a price range of<\/strong> SAR 120-132 per share<\/strong> for its IPO on Tadawul\u2019s main market, according to a statement (pdf)<\/a> issued yesterday after the institutional tranche of the offering was fully covered within minutes of order books opening, Bloomberg<\/a> reports. UIHC \u2014 the financial services arm of United Electronics Company (eXtra) \u2014 is selling a 30% stake<\/a> in its IPO. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

Cornerstone investors secured:<\/strong> UIHC and eXtra secured binding commitments from Zamil Group Investment, A.K. Al Muhaidib & Sons, and Tawuniya, with each cornerstone investor subscribing to 390.6k shares apiece. Collectively, the cornerstone investors have committed to snapping up 1.2 mn shares at the final IPO price, representing 4.7% of UIHC\u2019s share capital and 15.6% of the offering.<\/p>\n

Proceeds + market cap: <\/strong>At the top of the range, the IPO would raise SAR 990 mn, giving UIHC a market cap of up to SAR 3.3 bn at listing, the statement said. Selling shareholder eXtra will pocket all of the proceeds after setting aside some SAR 37 mn to cover IPO related expenses. Some of the funds will be channeled towards \u201crepaying a part of eXtra\u2019s debt estimated at SAR 190 mn,\u201d eXtra CEO Mohamed Galal had said in April<\/a>. Major shareholders eXtra and wholly-owned eXtra Bahrain are barred from selling down their positions for a six-month period starting from the first day of trading. <\/p>\n

Book building for institutional investors will continue for another week:<\/strong> Institutional investors will be able to subscribe to 100% of the offering, booking a maximum of 1.25 mn shares and minimum of 50k shares each until next Monday, 4 November. The final IPO price will be set at the end of the institutional book building process, the statement said. <\/p>\n

Retail investors will follow:<\/strong> Subscriptions for retail investors will run for two days beginning on Tuesday, 19 November with the tranche allocated 10% of the offering, subject to sufficient demand. Retail investors are capped at a maximum of 250k shares, and a minimum of 10 shares each. The final allocation of shares is set to take place no later than Monday, 25 November. Excess funds will be refunded by Thursday, 28 November.<\/p>\n

FY 2023 earnings snapshot:<\/strong> UIHC\u2019s net income grew 10% y-o-y to SAR 212. 2 mn in 2023, according to audited financial results published in the offering\u2019s prospectus. Revenues were up 25.6% at SAR 523.9 m over the same period.<\/p>\n

ADVISORS- <\/strong>Our friends at HSBC Saudi Arabia are quarterbacking the transaction as sole financial advisor and lead manager, while also acting as joint bookrunners and underwriters with the good folks at EFG Hermes KSA. The Law Firm of Salah Al Hejailan will provide counsel to the issuer, with Freshfields Bruckhaus Deringer providing counsel to the issuer outside of the Kingdom. Meanwhile, EY was appointed as financial due diligence advisor, and PwC as auditor. Receiving against include, SAB Invest, Al Rajhi Capital, BSF Capital, Alinma Investment, and Riyad Capital, among others.<\/p>\n","protected":false},"excerpt":{"rendered":"

The financial services provider could raise up to SAR 990 mn in IPO proceeds<\/p>\n","protected":false},"author":1,"featured_media":90998,"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":[2419,10,29,2452,1059,3323],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-capital-markets","tag-enterpriseam-ksa","tag-ipo-watch","tag-tadawul","tag-united-electronics-company-extra","tag-united-international-holding-company-uihc","wpautop","entry"],"acf":{"mongo_id":"2cd66e5f-8fb3-4000-883d-187531fed490","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/1687.jpg","photo_position":"above","homepage_title":"","full_issue_title":"UIHC sets price range as its Tadawul IPO sells out within minutes","related_issue":[90990],"teaser":"The financial services provider could raise up to SAR 990 mn in IPO proceeds","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.f106f328-fc48-4e1d-9980-1fe9d157acbf.mp3"},"yoast_head":"\nUIHC IPO sells out \u201cwithin minutes\u201d - 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