Kingdom Holding launches IPO

Saudi private investment group Kingdom Holding today launched its long-awaited initial public offering (IPO) on the Saudi Stock Exchange.

Kingdom Holding, owned by Prince Alwaleed bin Talal, is offering 315 million shares with an offer value of SR3.228 billion ($860 million), representing 5% of the company.

Kingdom Holding’s total share capital is SR63 billion ($16.8 billion), constituting 6.3 billion shares.

The IPO opens for subscription for 9 days starting today and closes on July 18. The minimum share allotment is 50 shares of SR10.25 ($2.73) each with no limit on the maximum number of shares that can be subscribed for.

The offer is available to Saudi nationals and institutional investors, with 50% of the offer shares allocated to institutional investors and the rest to retail investors.

“With this IPO, we will give the people of Saudi Arabia a chance to invest in its number one company, a chance to invest in a one of the world’s most successful and diversified business organizations, a chance to join me in growing Kingdom Holding to ever greater heights,” said Prince Alwaleed.

“I look forward to welcoming the Saudi public into Kingdom Holding as shareholders and sharing our future together,” he added.

Kingdom Holding has appointed Samba Financial Group as financial advisor, lead manager and lead underwriter.

Essa Al Essa, Samba CEO, said: “This IPO marks another landmark in the history of the Tadawul (Saudi Stock Exchange) and its development as a capital market.”

The receiving banks where subscriptions can be processed are Samba Financial Group, Riyad Bank, Arab National Bank, Banque Saudi Fransi, SABB and The Saudi Investment Bank.

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