Amlak International for Real Estate Finance, Saudi Arabia’s leading non-bank real estate finance company, issued on Monday a prospectus for its initial public offering (IPO) on the Saudi Stock Exchange (Tadawul).

 

Amlak will float 27.18 million shares, or 30% of its share capital.

 

On Dec. 25, 2019, the Capital Market Authority (CMA) approved Amlak’s request to sell 27.18 million shares, or a 30% of its capital, in an IPO.

 

Last week, the market regulator extended its approval for floating and listing Amlak’s shares until July 15, 2020.

 

The IPO targets 2 tranches:

 

Participating parties

 

This tranche comprises institutions and companies, including qualified foreign investors and companies, Gulf investors and legal personality. It includes all categories of investors entitled to participate in the book-building process.

 

A total of 27.18 million shares or 100% of the offering size will be allocated to institutional investors, subject to a scaleback to 90% or 24.46 million shares.

 

The final allocation will follow the completion of the retail offering.

 

Retail investors

 

This tranche comprises Saudi nationals, including any Saudi female divorcee or widow with minor children from a non-Saudi father, and any non-Saudi natural person who is resident in the Kingdom and any GCC national, in each case who has a bank account with one of the receiving entities;

 

Up to 10% of the offering size or 2.72 million shares will be allocated to this tranche.

 

The book-building process for institutional investors will run from June 22 to June 29, while the retail offering from July 2-5.

 

After the IPO completion, Saudi Investment Bank (SAIB) will remain the biggest shareholder in the company with a 22.41% stake. Amlak Finance will rank second with an 18.35% stake.

 

Major Shareholders
 

Before IPO

After IPO

Shareholders

Number of shares (mln shares)

Stake %

Number of shares (mln shares)

Stake %

SAIB

29.00

32.01 %

20.30

22.41 %

Amlak Finance

23.75

26.21 %

16.63

18.35 %

Al Tawfeek Development House Holding

13.00

14.35 %

9.10

10.04 %

Makarem International Real Estate Development

5.10

5.63 %

3.57

3.94 %

Aseer Trading & Tourism

5.00

5.52 %

3.50

3.86 %

Remaining shareholders

14.75

16.28 %

10.32

11.40 %

Public

--

--

27.18

30.00 %

Total

90.60

100 %

90.60

100 %

 

Company’s Profile

Company

Amlak International for Real Estate Finance

Market

Saudi Stock Exchange (Tadawul)

Company core activity

Real estate financing

Status

Active

Capital

SAR 906 mln

 

IPO Summary

Issue percentage (%)

30%

Number of shares offered

27.18 mln shares

IPO Price

To be determined through book building process

Qualified subscribers

- The participating categories which includes a group of qualified institutions, companies, foreign investors and Gulf investors with legal personality

-Retail Investors

IPO minimum limit for retail

10 shares

IPO minimum limit for participating categories

100,000 shares

IPO maximum limit for retail

1 mln shares

IPO maximum limit for participating categories

4.53 mln shares

Requests recording period for participating categories and book building process

8 days from June 22 until June 29, 2020

Retail IPO period

4 days from July 2 until July 5, 2020

Final allotment

July 12, 2020

Surplus return

July 14, 2020

 

IPO Summary

Issue percentage (%)

30%

Number of shares offered

27.18 mln shares

IPO Price

To be determined through book-building process

Qualified subscribers

- Participating categories include institutions and companies, including qualified foreign investors and companies, Gulf investors and legal personality

 

-Retail Investors

 

IPO minimum limit for retail

10 shares

IPO minimum limit for participating categories

100,000 shares

IPO maximum limit for retail

1 mln shares

IPO maximum limit for participating categories

4.53 mln shares

Requests recording period for participating categories and book-building process

8 days from June 22-29, 2020

Retail IPO period

4 days from July 2-5, 2020

Final allotment

July 12, 2020

Surplus return

July 14, 2020

 

Additional Information

Financial advisor, lead manager, underwriter, institutional book runner

NCBC

Receiving banks

SAIB, NCB, Al Rajhi Bank, Bank Aljazira

 

For more IPOs 

 

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