Through a statement released by the Saudi Arabian stock exchange operator, Tadawul Group, the company has set an indicative price range for the IPO, indicating that it might rise to 3.78 billion riyals ($1.01 billion).
According to Tadawul ‘s statement, the company said that it intends to sell 36 million shares in a price range between SAR 95 and SAR 105 per share.
After completing the order book, which begins on Sunday and finishes on November 26, the final pricing will be set.
The selling of existing shares by the company’s current shareholder resulted in the offering of 36 million ordinary shares of the company’s stock, representing 30% of the issued capital.
The minimum number of shares that can be subscribed to for the participating classes is 100,000 shares, while the maximum is 5.9 million shares.
Order book building is restricted to categories that are qualified to participate in the process following the Capital Market Authority’s Board of Directors’ instructions for book building and allocating shares in initial subscriptions.
After the process of establishing the order book is completed, the price of the offering will be established for public subscription, followed by the process of subscribing to the individual subscribers’ section. The individual subscription period has come to an end.
If individual subscribers purchase all of the offering shares allotted to them, the subscription registry manager has the right to lower the number of shares allotted to the participating classes to 25.2 million offering shares, or 70% of the total offering shares, as a minimum.
The process of building the order book for the institutions’ segment begins today, Sunday, November 21, 2021, and ends on November 26, 2021.