Saudi Fransi Capital, EFG Hermes KSA start Alkhorayef Water’s book-building process

Logo of Alkhorayef Water and Power Technologies Co.

Alkhorayef Water and Power Technologies Co. launched, today, Jan. 31, 2021, the book-building process for its initial public offering (IPO), Saudi Fransi Capital, the financial advisor, lead manager, underwriter and bookrunner, and EFG Hermes KSA, bookrunner and underwriter, said in a statement.

The book-building process will run through Feb. 9.

The company will offer 7.5 million shares or 30% of its capital to institutional investors during the book-building process. The IPO price range was set between SAR 62 and SAR 72 per share.

The IPO minimum subscription limit for institutional investors was set at 100,000 ordinary shares, while the maximum limit was set at 1,249,999 ordinary shares.

The offering size will be determined after the completion of the book-building process, which will be followed by the retail offering.

Up to 10% of the offering size, or 750,000 ordinary shares, will be allocated to retail investors during the IPO period, which runs through Feb. 16-17, 2021

The institutional bookrunner has the right to scale back the number of shares allocated to institutional investors to a minimum of 6.75 million shares, or 90% of the offering size, if there are sufficient orders by retail investors for Alkhorayef shares.

For More IPOs