Maharah Human Resource Co. will offer 1.125 million shares, or 10 percent of its initial public offering (IPO) to retail investors today at SAR 69 per share.
The Capital Market Authority (CMA) approved on March 31, 2019 Maharah’s request to float 11.25 million shares, or 30 percent of capital.
Maharah allocated 10.125 million shares, or 90 percent of the total offering size to institutional investors and funds, and 10 percent for retail investors.
The IPO is the second offering on Tadawul since the beginning of this year, after Al Moammar Information Systems Co. launched its public offering in March.
The retail offering will be held from today, May 8 to May 14.
The offering to institutional investors ended recently and it was 904 percent oversubscribed.
The company was established in 2013 under Maharah Foreign Recruitment Co. with SAR 100 million in capital to provide foreign recruitment services to both the public and private sectors.
The firm changed to its current name in 2017, and increased capital in December 2018 to SAR 375 million.
Maharah has 18 branches across the Kingdom, in addition to its main offices in Riyadh and a sales office in King Saud University.
The firm fully owns a subsidiary Musanid for Cleaning Services in the in United Arab Emirates, and has acquired a 40 percent stake in Cayman Islands’ Bloovo Ltd. Both subsidiaries account for 5 percent of Mahara’s assets, revenue and liabilities.
It plans to expand in both the Kingdom and United Arab Emirates.
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Company Profile |
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|
Company |
Maharah Human Resources Co. |
|
Stock market |
TASI- Main Market |
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Company’s core business |
Recruiting manpower and providing household workers |
|
Company’s status |
Active |
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Company’s capital |
SAR 375 mln |
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IPO Details |
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IPO Percentage |
30% |
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Number of IPO shares for retail investors |
1.25 mln shares represent 10% of total IPO shares of 11.25 mln |
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IPO price per share |
SAR 69 |
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IPO size for retail investors |
SAR 77.63 mln |
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Eligible investors |
Saudis and GCC investors |
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IPO minimum for retail investors |
10 shares |
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IPO maximum for retail investors |
250,000 shares |
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IPO period |
From May 8, 2019 until May 14, 2019 |
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Allotment |
May 21, 2019 |
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Surplus repayment |
May 21, 2019 |
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Additional Details |
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Lead manager & Financial advisor |
Samba Capital |
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Receiving bank |
Samba, Al Rajhi, NCB, SABB, BSF and Riyad |
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Major Shareholders After IPO |
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Shareholder |
Number of shares before IPO (‘000) |
Stake % |
Number of shares after IPO (‘000) |
Stake % |
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Al Ahlia Global Real Estate Investment |
10.41 |
27.76 % |
7.29 |
19.43 % |
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Architectural Experience |
8.55 |
22.81 % |
5.99 |
15.97 % |
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Al Faisaliah Holding Group |
7.50 |
20.00 % |
5.25 |
14.00 % |
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Abdullah Al Amro |
6.54 |
17.43 % |
4.58 |
12.20 % |
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Sulaiman Al Habib Commercial Investment Co. |
3.75 |
10.00 % |
2.63 |
7.00 % |
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Others* |
0.75 |
2.00 % |
0.525 |
1.40 % |
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Public |
-- |
-- |
11.25 |
30.00 % |
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Total |
37.50 |
100.00 % |
37.50 |
100.00 % |
* Each owns less than 5% stake
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Recent IPOs |
|||
|
Company |
IPO price (SAR) |
Number of shares for retail investors (mln share) |
Coverage ratio % (retail) |
|
2019 |
|||
|
Al Moammar |
45 |
0.71 |
149% |
|
2018 |
|||
|
National Learning |
19 |
1.30 |
327 % |
|
Leejam |
52 |
1.57 |
245 % |
|
2017 |
|||
|
Al Waha |
51 |
0.9 |
263 % |
|
2016 |
|||
|
L’Azurde |
37 |
3.87 |
293 % |
|
Al Yamamah Steel |
36 |
4.57 |
479 % |
|
Saudi German Hospital |
64 |
8.28 |
274 % |
|
2015 |
|||
|
Alandalus |
18 |
8.40 |
464 % |
|
SGS |
50 |
22.60 |
339 % |
|
SACO |
70 |
2.88 |
620 % |
|
MEPCO |
30 |
6.00 |
473 % |
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