Al Majed for Oud Sets IPO Price Range on Tadawul
The institutional book-building period started on August 25th and will end on August 29th.
Saudi Arabian perfumer Al Majed for Oud Company has set its initial public offering (IPO) price range between SAR 90 and SAR 94 per share ($23.99 - 25.05) on the Tadawul main market. The institutional book-building period started on August 25th and will end on August 29th.[1]
Read More: 5 Signs Your Startup Is Ready for an IPO
Al Majed for Oud Company announced plans to proceed with an initial public offering (IPO) of 30% of its issued share capital on the Tadawul main market. The Capital Market Authority approved the offering in June, allowing the company to offer 7.5 million shares to the public.
BSF Capital is serving as the financial advisor, lead manager, book runner, and underwriter for the IPO.
In June, Bloomberg reported that KSA’s perfumer retailer Arabian Oud named banks ahead of its anticipated IPO.
Last month, Saudi Arabia raised $12.35 billion from a secondary offering of a 0.64% stake in Aramco, priced at SAR27.25 ($7.42) per share. This includes an additional 154 million shares available through a greenshoe option, managed by Merrill Lynch to stabilize prices.
Also, Saudi Arabian water and wastewater infrastructure company, Miahona, debuted on the Riyadh bourse on June 6th.
In addition, Saudi Arabia's low-cost carrier, flynas, has officially announced plans for an IPO. Bander Almohanna, CEO of Flynas, told Asharq Business in an interview that the IPO offering is slated for later this year.
In May, Bloomberg data revealed that Saudi IPOs have seen overwhelming investor interest, including the Saudi Manpower Solutions Company (Smasco) which garnered over $30 billion in orders. At the same time, Dr. Soliman Abdel Kader Fakeeh Hospital Company, known as Fakeeh Care Group’s (FCG), IPO attracted $91 billion in orders, one of the highest figures for Saudi IPOs raising over $500 million.
Saudi Arabian Rasan Information Technology Co. attracted significant investor interest for its IPO, with orders worth approximately $29 billion. The IPO was 129.1 times oversubscribed.