By Gavin Gibbon
Saudi real estate financing firm set to float 30% of its shares in Riyadh
Saudi Arabian real estate financing firm Amlak International has revealed the price range for its planned initial public offering (IPO) of 30 percent of its shares in Riyadh.
The book building process is scheduled to start on Monday (June 22), with shares set between SAR15 ($4) and SAR17 ($4.50). NCB Capital (NCBC) are lead underwriters for the offer.
The final share price for Amlak, which has assets of around 3.1bn riyals ($826 million), will be set at the end of the book building process after June 29.
The IPO will target two investor groups. The institutional group includes investment funds, companies and qualified foreign investors, GCC investors that are considered as legal personalities, authorised individuals to deal in securities as principals, companies in the banking and insurance sectors, directors of companies’ portfolios listed in the financial market, and unlisted Saudi companies under the conditions established by the IPO Prospectus.
While the individuals group includes Saudi citizens, including divorced Saudi women or widows who have minor children from a non-Saudi husband, any ordinary non-Saudi resident who has a bank account with one of the receiving parties, in addition to individual GCC investors.
The deal will represent the exchange’s first IPO since the onset of the coronavirus.