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Logo of Saudi Tadawul Group
Saudi Tadawul Group Holding announced today, Nov. 7, issuing the prospectus for its planned initial public offering (IPO) on the Saudi Exchange (Tadawul).
The group plans to sell 36 million shares, or 30% of its 1.2 billion capital.
Last week, the Capital Market Authority (CMA) approved the company's request to float 36 million shares.
The book building process for participating parties will last six days from Nov. 21.
The three-day retail offering will run from Nov. 30.
The subscription targets two tranches:
Participating parties:
The tranche comprises all categories of investors entitled to participate in the book-building process.
A total of 36 million shares or 100% of the offering size will be allocated to the participating parties, subject to a scale-back to 90% or 32.40 million shares.
Retail investors:
This tranche comprises Saudi natural persons, and any non-Saudi natural person who is resident in the Kingdom and GCC persons, in each case who has a bank account with one of the receiving agents, and is entitled to open an investment account with them.
Up to 10% of the offering size or 3.6 million shares will be allocated to this tranche.
Key Highlights:
Saudi Tadawul Group has four wholly-owned subsidiaries, in addition to a 33.12% stake in a real estate company.
The four subsidiaries are Saudi Exchange Co. (Tadawul), Securities Depository Center (Edaa), Securities Clearing Center (Muqassa) and Wamid.
Subsidiaries:
1- Tadawul: A wholly owned company that operates the Saudi stock market. It enables, through its various platforms, the buying and selling of securities. It also enables companies to obtain financing through the share offerings they make via a platform for listing their securities and provides trading data, reference data and financial indicators.
2- Edaa: A wholly owned company that provides securities settlement services for all securities traded in the market, in addition to providing deposit services including registration services, registration management and records management to clients.
3- Muqassa: A wholly owned subsidiary that provides securities clearing services for the financial derivatives markets. It aims in the near future to activate clearing operations and provide services related to all other securities.
4- Wamid: A wholly owned subsidiary that aims to drive technology-based innovation while pursuing new opportunities in the region. Its objective is to enhance investors' market experience by means of technology development, data access and serving as the group's innovation hub.
5- Tadawul Real Estate: A 33.12%-owned subsidiary that is a limited liability company, which operates in real estate management and development. Currently, it manages the commercial office tower in King Abdullah Financial District, Riyadh.
Company Profile |
|
Company |
Saudi Tadawul Group Holding |
Market |
Saudi Exchange (Tadawul) |
Core Activities |
A holding group that includes four subsidiaries, namely the Saudi Exchange (Tadawul), Securities Clearing Center (Muqassa), Securities Depository Center (Edaa) and Wamid. |
Capital |
SAR 1200 mln |
Number of shares |
120 mln shares |
IPO Summary |
||
Issue percentage (%) |
30% |
|
Number of shares offered |
36 mln shares |
|
Qualified subscribers |
- Participating categories that include investment funds, QFIs, legal entities and GCC investors.
- Retail investors |
|
IPO minimum limit for retail |
10 shares |
|
IPO minimum size for institutional investors |
100,000 shares |
|
IPO maximum size for retail investors |
250,000 shares |
|
IPO maximum size for institutional investors |
5.999 mln shares |
|
Registering requests period Book building period |
6 days starting from Nov. 21, 2021 |
|
Retail subscription period |
3 days from Nov. 30 to Dec. 2, 2021 |
|
Final allotment |
Not later than Dec. 6, 2021 |
|
Surplus refunds |
Dec. 08, 2021 |
|
|
|
|
Special Information |
||
Lead Manager |
SNB Capital |
|
The lead managers, financial advisors, global coordinators and underwriters |
SNB Capital, JP Morgan Saudi Arabia and Citigroup Saudi Arabia |
Public Investment Fund (PIF) is currently that 100%-owner of the company. This percentage will decrease to 70% after the IPO.
Company Shareholders |
||||
Shareholders |
Before IPO |
After IPO |
||
Number of shares (mln shares) |
Ownership% |
Number of shares (mln shares) |
Ownership% |
|
Public Investment Fund |
120 |
100% |
84 |
70% |
Public |
-- |
-- |
36 |
30% |
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